Marketwatch EU & UK

Daily Insights
August 2, 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

USD - ADP Non-Farm Employment Change

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86082 0.85957
gbp/usd 1.27951 1.27633
gbp/aud 1.94204 1.92956
gbp/nzd 2.09356 2.08304
usd/jpy 143.348 142.635
eur/usd 1.10077 1.098
gbp/jpy 183.124 182.267
eur/cnh 7.91079 7.8886
usd/cnh 7.19812 7.17129
Equities and Commodities
Nasdaq 100 15621.7
DOW 35537.7
S&P 500 4558.89
WTI 82.26
GOLD 1948.68

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.