Daily Insights

January 18, 2024

Yesterday’s stronger-than-expected US Retail sales data brought fresh new doubts for the possibility of a rate cut in March by the Federal Reserve. Treasuries advanced and the US Dollar registered the first decline in 5days, with the DXY losing -0.18% this morning, and currently trading at 103.25.
Swaps pricing now show a likelihood of only 60% chance of a rate cut for the March meeting, which is down from 80% last Friday. This decline followed comments from Fed officials and many C-level executives at Davos, who have pushed back against market expectations for any immediate cuts.

The market is still in risk-off specially as tensions in the Red Sea continue to build up, but the Euro and the Pound have taken advantage of some greenback weakness (for now…) with Cable trading near 1.27 and EUR/USD advancing 0.1% to trade at 1.0895.

Oil futures moved higher after the US launched another round of strikes on Houthi targets in Yemen overnight as militant groups continue to attack ships on the Red Sea.

Economic Calendar

18 Jan 2024

AUD - MI Inflation Expectations

GBP - RICS House Price Balance

AUD - Employment Change

AUD - Unemployment Rate

JPY - Revised Industrial Production m/m

EUR - Current Account

CNY - Foreign Direct Investment ytd/y

All - WEF Annual Meetings

GBP - BOE Credit Conditions Survey

CHF - SNB Chairman Jordan Speaks

EUR - ECB Monetary Policy Meeting Accounts

USD - FOMC Member Bostic Speaks

USD - Unemployment Claims

USD - Building Permits

USD - Philly Fed Manufacturing Index

USD - Housing Starts

EUR - ECB President Lagarde Speaks

AUD - CB Leading Index m/m

USD - Natural Gas Storage

USD - Crude Oil Inventories

NZD - BusinessNZ Manufacturing Index

NZD - Visitor Arrivals m/m

JPY - National Core CPI y/y

Market Indicators

Currency Pairs

Pair	High	Low
eur/gbp	0.85915	0.85834
gbp/usd	1.27039	1.26711
gbp/aud	1.94171	1.93198
gbp/nzd	2.07546	2.06857
usd/jpy	148.252	147.688
eur/usd	1.09068	1.08802
gbp/jpy	187.933	187.564
eur/cnh	7.86657	7.854
usd/cnh	7.22233	7.20668

Equities and Commodities

Nasdaq 100	16768.4
DOW	37266.6
S&P 500	4742.55
BRENT CRUDE	78.35
WTI	73.19
GOLD	2012.7

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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Daily Insights

January 18, 2024

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Marketwatch EU & UK

Daily Insights January 18, 2024

Economic Calendar

Market Indicators

Other Market News

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APAC News

GPS Global Wallet Podcast

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Daily Insights

January 18, 2024