Pound (GBP) subdued amid lack of data
The pound (GBP) faced turbulence at the end of last week, with Sterling slipping against some of its stronger peers.
A lack of UK economic data stifled the currency’s potential, leaving it exposed to losses.
Releases remain thin on the ground at the start of this week, possibly leaving the pound to trade without a clear trajectory. A speech from Bank of England (BoE) Chief Economist Huw Pill this evening could support Sterling, if he strikes a hawkish tone.
Euro (EUR) weakens as sentiment brightens
The euro (EUR) fell on Friday, with the safer single currency struggling to garner support amid an improving market mood.
Some resilience in the US dollar (USD) may also have pressured EUR, due to the currencies’ inverse trading relationship.
With Eurozone data absent from the calendar, EUR could face uncertain movement today, although a speech from European Central Bank (ECB) policymaker Isabel Schnabel may lend the euro support this evening, if she advocates for further interest rate hikes.
US dollar (USD) wavers amid improving mood
The US dollar faced some volatility on Friday, with USD exchange rates fluctuating in a wide range.
Overall, the safe-haven ‘greenback’ slipped against its strongest peers, although losses were limited as it showed resilience.
Two Federal Reserve officials are due to speak today, with their comments potentially impacting the US dollar. Elsewhere, fresh tensions in the Middle East could provide USD with safe-haven flows.
Canadian dollar (CAD) lifted by strong jobs data
The Canadian dollar (CAD) strengthened on Friday as Canada’s latest jobs report beat forecasts. Weekly gains in oil also supported the commodity-linked currency.
Crude prices could remain a key driver of CAD today. If oil ticks higher amid renewed tensions in the Middle East, the ‘loonie’ could climb.
Australian dollar (AUD) falls amid fresh strikes in the Middle East
The risk-sensitive Australian dollar (AUD) stumbled out the gate this week as the US and Iran launched fresh strikes at one another, sparking widespread risk aversion.
New Zealand dollar (NZD) underpinned by upbeat PMI
The New Zealand dollar (NZD) managed to hold steady overnight, despite the risk-off mood, as New Zealand’s latest services PMI reported an unexpected expansion in activity.
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