Pound (GBP) buoyed following BoE rate decision
The pound (GBP) ticked higher yesterday, as the Bank of England (BoE) delivered its latest interest rate decision.
While it kept rates unchanged, the bank signalled that rising inflation may force it to tighten monetary policy later in the year.
BoE Chief Economist Huw Pill is scheduled to speak later today. As the one dissenting voice who called for a rate hike yesterday, could his comments prove supportive of the pound?
Euro (EUR) dented by weak GDP print
The euro (EUR) initially stumbled on Thursday as the Eurozone’s latest GDP figures reported an unexpected slowdown of growth in the first quarter.
EUR sentiment then remained suppressed as the European Central Bank (ECB) left interest rates on hold.
Eurozone economic releases are in short supply today, which may leave the euro to trade without strong directional bias.
US dollar (USD) undermined by US GDP miss
The US dollar (USD) traded in a wide range yesterday, initially climbing on reports that the US is weighing up its military options against Iran.
USD exchange rates then fell back later in the session, as market jitters eased and the US published a softer-than-expected first-quarter GDP print.
Coming up, the US dollar may close the week on a positive note if the latest ISM manufacturing PMI reports growth in the US factory sector continued to accelerate through April.
Canadian dollar (CAD) fluctuates amid oil price volatility
The commodity-sensitive Canadian dollar (CAD) fluctuated on Thursday as global oil prices jumped to a new four-year high, before swiftly retreating again.
Expect the ‘loonie’ to continue to track oil price movement through the remainder of this week’s session.
Australian dollar (AUD) buoyed by USD weakness
The Australian dollar (AUD) trended higher through today’s Asian trading session after a sharp jump in the Japanese yen (JPY) triggered a USD selloff.
New Zealand dollar (NZD) supported by risk-on mood
The New Zealand dollar (NZD) also firmed in overnight trade as a softer US dollar bolstered market risk appetite.
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