Marketwatch EU & UK

Daily Insights
December 2, 2024

  • November saw the US dollar rally against its peers as the US election and the Trump trade dominate the markets attention. The greenback has gained around 2% since the election however as we enter December, the outlook looks less certain as the dollar has posted losses in eight of the last ten Decembers with year-end rebalancing flows typically meaning that investors sell dollars for riskier assets. The labor market is back in focus this week after markets largely ignored last month’s weak payroll print amidst the excitement of the election. Tuesday sees the release of the JOLTs job openings data with weekly claims out on Thursday and Non-farm Payrolls on Friday. October’s print came in at a hugely disappointing 12k and markets expect a post hurricane print closer to the recent average at around 160k. This week also sees the release of the ISM Services Index and the Fed’s Beige Book. The December Beige Book is expected to show a post-election increase in both consumer and business sentiment.
  •  It is a very quiet week for data from the UK and EU with no significant UK data in the coming days. The only significant data print this week from the EU comes on Friday, with the release of German Industrial Production for October. The German economy remains soft, and Friday’s print is likely to show a further decline which will further weigh on GDP and the outlook for Europe’s largest economy. The single currency remains weak, trading around 1.05 this morning, with 1.06 offering decent resistance and support seen at 1.04 ahead of last month’s low of 1.0335.

Economic Calendar

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AUD - MI Inflation Gauge m/m
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AUD - Retail Sales m/m
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AUD - ANZ Job Advertisements m/m
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AUD - Building Approvals m/m
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AUD - Company Operating Profits q/q
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JPY - Final Manufacturing PMI
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CNY - Caixin Manufacturing PMI
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AUD - Commodity Prices y/y
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GBP - Nationwide HPI m/m
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CHF - Retail Sales y/y
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EUR - Spanish Manufacturing PMI
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CHF - Manufacturing PMI
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EUR - Italian Manufacturing PMI
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EUR - French Final Manufacturing PMI
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EUR - German Final Manufacturing PMI
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EUR - Final Manufacturing PMI
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EUR - Italian Monthly Unemployment Rate
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GBP - Final Manufacturing PMI
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EUR - Unemployment Rate
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CAD - Manufacturing PMI
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USD - Final Manufacturing PMI
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USD - ISM Manufacturing PMI
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USD - ISM Manufacturing Prices
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USD - Construction Spending m/m
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USD - FOMC Member Waller Speaks
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USD - FOMC Member Williams Speaks
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NZD - Overseas Trade Index q/q
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JPY - Monetary Base y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.83043 0.82686
gbp/usd 1.2733 1.26787
gbp/aud 1.95581 1.94776
gbp/nzd 2.1534 2.14298
usd/jpy 150.75 149.41
eur/usd 1.0573 1.04959
gbp/jpy 191.284 190.044
eur/cnh 7.6773 7.63827
usd/cnh 7.28742 7.24873
Equities and Commodities
Nasdaq 100 20909.4
DOW 44863.5
S&P 500 6027.23
BRENT CRUDE 72.36
WTI 68.54
GOLD 2628.64

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.