Marketwatch North America

Daily Insights
March 13, 2024

The major currencies were quiet overnight with traders still digesting yesterday’s higher-than-expected CPI and assessing scenarios ahead of tomorrow’s Producer Price data (producer inflation). The G10 currencies have barely moved the needle on spot returns with the dollar’s biggest changes a 0.19% gain vs. JPY and a 0.20% drop vs. NOK at the extremes. On balance the dollar is weaker, reflected in the U.S. Dollar Index which is -0.04%.

With the Fed, BoE and ECB on hold until late in Q2 (at the soonest), there is little on the event horizon to disrupt foreign exchange markets, keeping downward pressure on FX volatilities.

U.S. Treasury yields are higher, propelling the 10-year yield to its 4th consecutive daily gain, +0.031% today at 4.185% compared to last Friday’s low at 4.034%.

After peaking at 7.36% on February 27th, U.S. 30-year mortgage rates have declined nine consecutive days to 7.03% through yesterday. Lower rates have helped to keep mortgage applications buoyant which were +7.1% through March 8th.

Global equity indexes are a mix of minor gains and losses in trading today. Equity futures are pointing to a 0.30% drop in the Nasdaq 100 and drop of 0.04% in the S&P 500 at today’s open.

Gold is +0.26% at $2,162.69, partially rebounding from yesterday’s 1.12% decline.

Bitcoin is leading in the headlines today after marking its 3rd consecutive all-time high, now trading at $73,000 on ETF-fueled gains.

Economic Calendar

USD - Crude Oil Inventories
USD - 30-y Bond Auction
EUR - German WPI m/m
GBP - GDP m/m
GBP - Construction Output m/m
GBP - Goods Trade Balance
GBP - Index of Services 3m/3m
GBP - Industrial Production m/m
GBP - Manufacturing Production m/m
EUR - Italian Quarterly Unemployment Rate
EUR - Industrial Production m/m
EUR - German 10-y Bond Auction
GBP - NIESR GDP Estimate
NZD - Visitor Arrivals m/m

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 148.046 147.229
eur/usd 1.09474 1.092
gbp/usd 1.28089 1.27742
aud/usd 0.66182 0.66001
usd/cad 1.34981 1.34812
eur/gbp 0.85514 0.85383
usd/mxn 16.8003 16.7482
Equities and Commodities
S&P 500 5174.71
NASDAQ 18189.9
DOW 39011.7
GOLD 2165.52

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.