Daily Insights

February 28, 2024

The US Dollar advances this morning as markets position from today’s GDP, Core PCE (Fed’s preferred gauge for inflation) and personal consumption gauges. The DXY is back again above 104, let’s see if any of the data today takes us lower, although the expectation is that all gauges come in line with previous prints apart from personal consumption that it is due to tick 0.11% lower.

The New Zealand Dollar dropped after the nation’s central bank signalled lower price pressures and a decreased probability of rate cuts this year, leaving interest rates unchanged at 5.5%. NZD/USD fell 0.8% to 0.6122 and AUD/USD followed, declining towards 0.65.

As risk-off positioning takes over ahead of today’s USD data, both GBP/USD and EUR/USD are trending lower. Cable currently trades at 1.2647 and the euro consolidates above 1.08 at 1.0818.
The Bank of England may sell all the UK Government bonds it bought through the quantitative easing period to better prepare for a future crisis. Currently, the UK treasury is paying billion to cover losses on QE but making the move of selling them, would put the BOE at odds with the Federal Reserve.

Economic Calendar

28 Feb 2024

AUD - CPI y/y

AUD - Construction Work Done q/q

NZD - Official Cash Rate

NZD - RBNZ Monetary Policy Statement

NZD - RBNZ Rate Statement

NZD - RBNZ Press Conference

EUR - German Import Prices m/m

CHF - Credit Suisse Economic Expectations

EUR - Italian 10-y Bond Auction

CAD - Current Account

USD - Prelim GDP q/q

USD - Prelim GDP Price Index q/q

USD - Goods Trade Balance

USD - Prelim Wholesale Inventories m/m

USD - Crude Oil Inventories

GBP - MPC Member Mann Speaks

All - G20 Meetings

USD - FOMC Member Bostic Speaks

USD - FOMC Member Williams Speaks

NZD - RBNZ Gov Orr Speaks

JPY - Prelim Industrial Production m/m

JPY - Retail Sales y/y

Market Indicators

Currency Pairs

Pair	High	Low
eur/gbp	0.85547	0.85489
gbp/usd	1.26838	1.26507
gbp/aud	1.94467	1.93632
gbp/nzd	2.07544	2.05233
usd/jpy	150.69	150.371
eur/usd	1.08458	1.08212
gbp/jpy	190.872	190.558
eur/cnh	7.82312	7.8065
usd/cnh	7.21741	7.20965

Equities and Commodities

Nasdaq 100	17956.1
DOW	38919.2
S&P 500	5077.05
BRENT CRUDE	83.14
WTI	78.36
GOLD	2029.16

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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Marketwatch EU & UK

Daily Insights

February 28, 2024

Economic Calendar

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Marketwatch EU & UK

Daily Insights February 28, 2024

Economic Calendar

Market Indicators

Other Market News

North America News

APAC News

GPS Global Wallet Podcast

Connect with us

Daily Insights

February 28, 2024