Pound (GBP) subdued amid lack of data
The pound (GBP) slipped against its stronger peers yesterday as a lack of UK economic data left the currency without much support.
Meanwhile, UK bond yields crept higher, reigniting concerns about the UK’s fragile fiscal position.
Some policymakers from the Bank of England (BoE) are due to speak today, including BoE Governor Andrew Bailey. Any hints at an interest rate hike in November could underpin the pound.
Euro (EUR) touches fresh lows amid debt crisis fears
The euro (EUR) plunged to fresh multi-month lows yesterday as French bonds resumed their recent selloff, raising fears of a debt crisis in the Eurozone.
However, EUR managed to bounce off its worst levels, with stronger-than-forecast German industrial data potentially providing some support.
The European Central Bank’s (ECB) meeting minutes are scheduled for release today, potentially impacting EUR. However, Eurozone debt concerns could continue to act as the primary catalyst for the common currency.
US dollar (USD) climbs amid risk aversion
The US dollar (USD) rose yesterday as a souring market mood supported the safe-haven currency.
Surging government borrowing costs and rising energy prices unnerved investors, boosting the American dollar’s appeal.
Turning to today, a slight uptick in US initial jobless claims could dent USD today. Meanwhile, market risk dynamics could also continue to impact the dollar.
Canadian dollar (CAD) choppy as oil prices fluctuate
The crude-linked Canadian dollar (CAD) moved without a clear trajectory yesterday as oil prices wavered.
Amid a lack of Canadian economic data today, crude prices could remain the primary driver of CAD movement. With oil rising, the Canadian dollar could attract support.
Australian dollar (AUD) edges lower as mood sours
The Australian dollar (AUD) softened slightly overnight as a risk-off tone pressured the currency.
New Zealand dollar (NZD) pressured amid risk aversion
The New Zealand dollar (NZD) was also subdued overnight amid the gloomy market mood.
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