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Home > Market Watch > EU & UK News > Tue July 23, 2024

Daily Insights
July 23, 2024

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  • US elections continue to dominate the headlines with Kamala Harris gaining enough delegates to secure the Democratic presidential election. Volatility and financial conditions are starting to ease following last week’s events translating into gains in Wall Street. The key data continues to be the jobs market to see if the slowdown progresses to a downturn and gives the Fed further confidence to initiate its cutting cycle with September being priced-in as the month for the first 25bps cut.
  • The US Dollar lost for a second session with Treasury Yields dropping ahead of this week’s economic data, including the Federal Reserve’s preferred inflation gauge.

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  • The yen gained ground against the greenback as traders weigh the possibility of policy tightening by the Bank of Japan at their next meeting and as US political turmoil feed through the markets. The currency jumped as much as 0.3% today and the pair currently trades at 156.5, after trading as low as 155.38 last week.

flag european union 1f1ea 1f1faflag united kingdom 1f1ec 1f1e7

  • The Euro has been consolidating below 1.09 and it looks like it is waiting for the next catalyst to move past here. Eurozone consumer confidence is due today and ECB’s Lane is due to speak.
  • The sterling consolidates just a tad above 1.29, continuing to be supported by the idea that the Bank of England will cut interest rates less than other major central banks.

Economic Calendar

23 Jul 2024
:
JPY - BOJ Core CPI y/y
:
EUR - Consumer Confidence
:
USD - Existing Home Sales
:
USD - Richmond Manufacturing Index
:
AUD - Flash Manufacturing PMI
:
AUD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.84258 0.84203
gbp/usd 1.29344 1.29223
gbp/aud 1.94986 1.94604
gbp/nzd 2.16698 2.16264
usd/jpy 156.926 156.195
eur/usd 1.08966 1.08862
gbp/jpy 202.916 201.929
eur/cnh 7.94765 7.931
usd/cnh 7.29731 7.28525
Equities and Commodities
Nasdaq 100 19765.2
DOW 40388.4
S&P 500 5558.99
BRENT CRUDE 82.31
WTI 78.3
GOLD 2389.25

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.

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