Pound (GBP) mixed amid lack of data
The pound (GBP) was driven primarily by market risk appetite on Friday, amid a lack of notable UK economic data.
This saw the increasingly risk-sensitive UK currency rise against safer peers but stumble against riskier rivals.
British economic data is thin on the ground through the start of this week’s session, potentially leaving the pound to trade without a clear trajectory.
Euro (EUR) stumbles despite positive GDP data
The euro (EUR) slipped against many of its rivals on Friday, despite an upward revision to Eurozone GDP growth in the third quarter.
The downside came amid a risk-on mood and growing concerns over simmering geopolitical tensions with Russia.
Germany’s latest industrial production figures could support the euro this morning, after smashing forecasts. Output increased 1.8% in October, rather than contracting 0.4%.
US dollar (USD) pressured by risk-on mood
The US dollar (USD) remained subdued on Friday, with USD wavering near monthly lows as optimistic investors sought out higher-yielding assets.
A stronger-than-expected consumer sentiment print helped cushion USD later in the session, although the ‘greenback’ still remained down overall.
The only US data due today is the latest report on consumer inflation expectations, which are forecast to have moderated in November. This could put modest pressure on the American dollar ahead of the Federal Reserve decision on Wednesday.
Canadian dollar (CAD) jumps as unemployment falls
The Canadian dollar (CAD) leapt higher on Friday as unemployment in Canada unexpectedly fell from 6.9% to 6.5%, rather than rising to 7%.
Oil price dynamics could drive CAD movement today, amid a lack of Canadian economic data. Could rising crude prices lift the commodity-linked ‘loonie’?
Australian dollar (AUD) steady amid upbeat Chinese data
The Australian dollar (AUD) held near multi-week highs overnight as strong trade data from China kept the ‘Aussie’ afloat.
New Zealand dollar (NZD) uncertain amid mixed mood
The New Zealand dollar (NZD) wavered without a clear direction as this week’s session began amid a mixed market mood.
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