Marketwatch EU & UK

Daily Insights
August 3, 2023

The US Dollar finally rises after dropping earlier today due to Fitch Ratings’ decision of cutting the United States off its top-tier sovereign credit grade. The Bloomberg Dollar Spot Index currently gains 0.1% and USD/JPY drops below 143, to trade mid 142-143. EUR/USD is right where it was yesterday at this time, trading around 1.0980 level. GBP/USD remains below 1.28 and continues to trade anxiously ahead of tomorrow’s BOE decision. New Zealand Dollar continues to lose, especially after the US reported soft jobs data yesterday. WTI Crude is up 0.9% to $82.08/bbl after an industry estimate pointed to a massive drawdown in inventories, signalling that the market it is tightening.

Haven assets gained after Fitch announced the removal of the US off its top tier credit rating, leading S&P 500 Futures to drop 0.5% and EUR/USD to slip 0.01%. The international credit rating agency downgrade the US to AA from AAA, mentioning “repeated debt limit standoffs” with fiscal deterioration expected for the next three years.

Economic Calendar

CHF - CPI m/m
GBP - Official Bank Rate
GBP - MPC Official Bank Rate Votes
GBP - Monetary Policy Summary
GBP - BOE Monetary Policy Report
GBP - BOE Gov Bailey Speaks
USD - Unemployment Claims
USD - ISM Services PMI

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86478 0.86009
gbp/usd 1.27835 1.26694
gbp/aud 1.94123 1.9317
gbp/nzd 2.09175 2.07724
usd/jpy 142.878 141.548
eur/usd 1.10419 1.09255
gbp/jpy 181.739 180.651
eur/cnh 7.92957 7.83885
usd/cnh 7.19497 7.15169
Equities and Commodities
Nasdaq 100 15486
DOW 35429
S&P 500 4531.43
WTI 82.5
GOLD 1941.47

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.

About Francisco Mioludo


Francisco Mioludo is a trader for GPS Capital Markets at the London office. Before joining GPS, Francisco worked in Market Risk at a commodity trading firm in London where he gained valuable skills for his current role. Francisco looks after our EU and UK sales team with everything from analysis to structuring and pricing.