Pound (GBP) firms despite lull in data
The pound (GBP) edged higher against the majority of its currency rivals at the end of last week.
This upside appeared to be driven primarily by the weakness of its peers, amid the lack of a clear domestic catalyst for Sterling’s strength.
UK economic releases are in short supply at the start of this week, which may leave the pound to trade without strong directional bias today.
Euro (EUR) pressured by GDP revision
The euro (EUR) retreated on Friday, following the publication of the Eurozone’s latest GDP figures.
The latest estimate of GDP saw growth in the first quarter revised down from 0.1% to -0.2%, after Ireland’s economic performance at the start of 2026 proved worse than initially thought.
Germany’s latest factory orders look to place fresh pressure on the euro at the start of this week after reporting a larger-than-expected contraction in orders at the start of the second quarter.
US dollar (USD) rallies on strong payrolls print
After initially facing resistance through the first half of the European session, the US dollar (USD) rallied on Friday as markets responded to the latest US payroll data.
The highly influential report showed the US economy added 172,000 jobs in May, significantly outpacing forecasts for an increase of 85,000 and boosting hawkish Federal Reserve interest rate expectations.
The focus for USD investors will likely switch back to the Middle East at the start of this week, potentially leading to further gains for the ‘greenback’ if US-Iran peace talks remain stalled.
Canadian dollar (CAD) strengthens on impressive jobs data
The Canadian dollar (CAD) closed last week’s session on a positive note as Canada’s own jobs data reported a surprise fall in domestic unemployment last month.
Turning to the start of this week, a sharp upswing in oil prices looks set to bolster the ‘loonie’.
Australian dollar (AUD) muted in cautious trade
The Australian dollar (AUD) stumbled through today’s Asian trading session as renewed tensions in the Middle East sapped demand for the risk-sensitive currency.
New Zealand dollar (NZD) dips as market sentiment softens
The New Zealand dollar (NZD) was also placed on the defensive in overnight trade as market risk appetite faltered.
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