Pound (GBP) undermined by slump in consumer spending
The pound (GBP) closed last week's session on a sour note, after the UK's latest retail sales figures reported a larger-than-expected contraction in consumer spending last month.
This offset the publication of the UK's latest PMI data, which reported growth in the vital services sector accelerated to an eight-month high in October.
Turning to the start of this week, movement in Sterling may be subdued as investors await the publication of Chancellor John Healey's inaugural Autumn Budget on Wednesday.
Euro (EUR) pressured by slowdown in Eurozone business growth
The euro (EUR) selling bias remained firmly in place through the end of last week as markets responded to the Eurozone's own PMI data.
October's preliminary figures reported a slowdown across both the manufacturing and services sectors, further dampening expectations that the European Central Bank (ECB) might be willing to hike interest rates later this week.
Coming up, the euro may remain under pressure at the start of this week, if Germany's latest IFO business climate index reports a deterioration in morale this month.
US dollar (USD) upside capped by mixed PMIs
The US dollar (USD) edged higher on Friday as surging oil prices continued to rattle markets.
However, these gains proved modest, with USD demand being tempered later in the session after the latest US PMIs made for mixed reading.
US economic releases are in short supply at the start of this week, which may limit movement in the US dollar ahead of the Federal Reserve's interest rate decision on Wednesday.
Canadian dollar (CAD) strengthens as oil prices surprise to the upside
The Canadian dollar (CAD) proved to be one of Friday's best performers, rallying on the back of rising oil prices and stronger-than-expected domestic retail sales growth in September.
The 'loonie' may be forced to relinquish a portion of these gains today, as oil prices pull back from Friday's highs.
Australian dollar (AUD) steady on RBA Hunter remarks
The Australian dollar (AUD) held close to a five-week high through Monday's Asian session, after Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter suggested the bank needed to do more to bring down inflation.
New Zealand dollar (NZD) stable ahead of RBNZ rate decision
The New Zealand dollar (NZD) was also rangebound in overnight trade as markets await an expected interest rate hike from the Reserve Bank of New Zealand (RBNZ) later in the week.
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