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Home > Market Watch > EU & UK News > Wed May 8, 2024

Daily Insights
May 8, 2024

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  • The US Dollar continues to gain for a third consecutive day as Treasury yields edge higher. Neel Kashkari, Fed’s Bank of Minneapolis President, mentioned in an essay published last night that the central bank is due to keep interest rates where they are “for an extended period of time” until policymakers feel confident that inflation is heading towards the 2% target. More speakers are due later today such as Jefferson and Cook.
  • Last week’s US payrolls helped unwind some fears on the high interest rates currently in place, but it is important to note that the path for an easing in policy and for the first cut continues to be uncertain for the next few months.
  • The DXY trades at 105.50, +0.09% on the day and +4.12% YTD.

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

  • The euro continues to edge lower in the face of a stronger greenback and trades mid 1.07-1.08 while GBP/USD drops below 1.25 ahead of tomorrow’s BOE meeting where they are widely expected to leave rates unchanged at 5.25% for a sixth straight consecutive meeting.

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  • The Yen continues to depreciate against the US Dollar, ignoring last week’s suspected Tokyo interventions and warnings from the Bank of Japan Governor Kazuo Ueda about a potential move in policy to fight against a weaking yen.

Economic Calendar

08 May 2024
:
JPY - 10-y Bond Auction
:
EUR - German Industrial Production m/m
:
EUR - French Bank Holiday
:
EUR - Italian Retail Sales m/m
:
GBP - 30-y Bond Auction
:
USD - Final Wholesale Inventories m/m
:
USD - Crude Oil Inventories
:
USD - FOMC Member Jefferson Speaks
:
USD - 10-y Bond Auction
:
USD - FOMC Member Cook Speaks
:
GBP - RICS House Price Balance
:
JPY - Average Cash Earnings y/y
:
JPY - BOJ Summary of Opinions

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86044 0.85978
gbp/usd 1.2503 1.24837
gbp/aud 1.90072 1.89585
gbp/nzd 2.08692 2.08257
usd/jpy 155.265 154.686
eur/usd 1.07541 1.07379
gbp/jpy 193.874 193.355
eur/cnh 7.77015 7.7596
usd/cnh 7.23222 7.22265
Equities and Commodities
Nasdaq 100 18102.2
DOW 38893.6
S&P 500 5190.59
BRENT CRUDE 82.67
WTI 77.94
GOLD 2317.91

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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