Marketwatch EU & UK

Daily Insights
March 15, 2024

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  • The Federal Reserve got more reasons to delay interest-rate cuts in yesterday’s release of Producer Prices exceeded estimates for February. This data comes to complement consumer priced data released earlier this week and it gives a clear sign to the central bank that it may be too soon to cut interest rates and markets are on the same page – bets for a June cut are now at a 66% probability versus last week’s 91% probability.
  • The US Dollar kicks off its happy Friday gaining against major peers, with the DXY moving from 102.80 yesterday to trade this morning near 103.50. The focus is now on the Empire manufacturing survey, Industrial Production, and U. of Michigan sentiment that may give us further insight into next week’s FOMC meeting.

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  • The Euro and the Pound continue to register losses against the greenback who was revived by yesterday’s data. The Euro currently holds below 1.09 aiming at the next support around 1.0855 where the 50D and 100D MA converge. The Sterling currently trades at 1.274, back into the 1.25-1.28 range after trading as high as 1.2894 last week.

Economic Calendar

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CNY - New Home Prices m/m
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JPY - Tertiary Industry Activity m/m
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EUR - French Final CPI m/m
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GBP - Consumer Inflation Expectations
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EUR - Italian Retail Sales m/m
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CNY - New Loans
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CNY - M2 Money Supply y/y
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EUR - Italian Trade Balance
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CAD - Housing Starts
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CAD - Foreign Securities Purchases
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CAD - Wholesale Sales m/m
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USD - Empire State Manufacturing Index
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USD - Import Prices m/m
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USD - Industrial Production m/m
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USD - Capacity Utilization Rate
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USD - Prelim UoM Consumer Sentiment
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USD - Prelim UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85427 0.85369
gbp/usd 1.27472 1.27298
gbp/aud 1.94131 1.93701
gbp/nzd 2.08887 2.08103
usd/jpy 148.658 148.029
eur/usd 1.08845 1.0873
gbp/jpy 189.272 188.583
eur/cnh 7.83936 7.828
usd/cnh 7.2048 7.19824
Equities and Commodities
Nasdaq 100 18000.6
DOW 38935.5
S&P 500 5157.58
BRENT CRUDE 85.24
WTI 81.13
GOLD 2168.5

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.