Marketwatch EU & UK

Daily Insights
November 27, 2023

  • The US dollar is little changed as we head towards month end, with the dollar index treading water after falling at the end of last week. EURUSD is consolidating in the mid 1.09-1.10 range and GBPUSD starts the week holding steady above 1.26, with USDJPY falling below 149.
  • Month end activity is likely to influence markets in the coming days with very little on the European data calendar. Inflation data across the euro area is released towards the middle of the week with Spain and Germany releasing the November HICP data Wednesday, ahead of the same for France and Italy on Thursday. The CPI inflation print for the euro area is also released on Thursday, with markets expecting November’s print to fall to 2.6% from the previous 2.9%. A broad-based deceleration in inflation during November is expected, which will likely further boost market confidence of a further hold from the ECB at the final policy meeting of the year on December 14.
  • We will look for fresh clues on the strength of the US outlook this week as markets price a soft landing for the economy. Data due in the coming days includes consumer confidence on Tuesday and third quarter GDP on Wednesday where a small upward revision is expected. Thursday sees the release of the Fed’s preferred price gauge with the release of Personal Income and Spending data. The week is wrapped up with ISM Manufacturing survey which is out on Friday.

Economic Calendar

:
GBP - CBI Realized Sales
:
EUR - ECB President Lagarde Speaks
:
USD - New Home Sales

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86895 0.86708
gbp/usd 1.26235 1.25897
gbp/aud 1.91889 1.90991
gbp/nzd 2.07917 2.06682
usd/jpy 149.674 148.883
eur/usd 1.09576 1.09267
gbp/jpy 188.524 187.597
eur/cnh 7.8452 7.8073
usd/cnh 7.16435 7.14055
Equities and Commodities
Nasdaq 100 15937.1
DOW 35327.1
S&P 500 4549.26
BRENT CRUDE 80.18
WTI 75.12
GOLD 2010.45

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 Simon Walker

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Simon Walker is head of the GPS Capital Markets trade desk in our London office where he is responsible for covering market risk in European hours. He has over 25 years’ experience in foreign exchange, working in both sales and trading.