Marketwatch EU & UK

Daily Insights
January 4, 2024

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  • The US Dollar consolidated after advancing on Wednesday following the Fed’s minutes for the December meeting suggesting the central bank is in no rush to cut interest rates. Fed policymakers agreed that it is appropriate to keep interest rates at the current levels and that they have likely peaked.
  • The greenback’s recent recovery could be extended as markets may have priced in steep rate cuts too quickly.

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  • The Euro is trading above 1.09 as investors wait for German and French inflation prints that can give fresh clues for Friday’s Euro-Zone CPI. PMIs for Spain, Germany, Italy, and Sweden are also due today.

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  • The Sterling extended gains against the euro yesterday afternoon, rising to the strongest level in two weeks. EUR/GBP dropped 0.5% to 0.8628 and GBP/USD advanced as much as 0.3% to 1.2656. We are currently trading at 0.8620 in EUR/GBP, and at 1.2688 in GBP/USD.

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  • Oil advanced more than 3% on Wednesday as supply disruptions in Lydia and tensions in the middle east are affecting the key crude production region.

Economic Calendar

:
JPY - Final Manufacturing PMI
:
CNY - Caixin Services PMI
:
EUR - German Prelim CPI m/m
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EUR - French Prelim CPI m/m
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EUR - Spanish Services PMI
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EUR - Italian Services PMI
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EUR - French Final Services PMI
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EUR - German Final Services PMI
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EUR - Final Services PMI
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GBP - Final Services PMI
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GBP - M4 Money Supply m/m
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GBP - Mortgage Approvals
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GBP - Net Lending to Individuals m/m
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EUR - Spanish 10-y Bond Auction
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EUR - French 10-y Bond Auction
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USD - Challenger Job Cuts y/y
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USD - ADP Non-Farm Employment Change
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USD - Unemployment Claims
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USD - Final Services PMI
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USD - Natural Gas Storage
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USD - Crude Oil Inventories
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JPY - Monetary Base y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86272 0.8619
gbp/usd 1.26823 1.26569
gbp/aud 1.88324 1.87669
gbp/nzd 2.03089 2.02029
usd/jpy 143.894 142.854
eur/usd 1.09344 1.09159
gbp/jpy 182.268 181.011
eur/cnh 7.83104 7.81359
usd/cnh 7.16803 7.15448
Equities and Commodities
Nasdaq 100 16424.1
DOW 37507.1
S&P 500 4718.92
BRENT CRUDE 78.73
WTI 73.36
GOLD 2047

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.