Pound (GBP) mixed amid lack of data
The pound (GBP) lacked a clear direction yesterday as an absence of UK economic releases left the currency rudderless.
Amid the improving market mood, the increasingly risk-sensitive pound was able to edge higher against safe-haven peers, but it slipped against riskier rivals.
Today, the UK’s final services PMI could influence GBP. If it confirms that the country’s vital services sector returned to expansion in July, Sterling may attract fresh demand.
Euro (EUR) unsure in absence of data
The euro (EUR) also traded without a clear trajectory yesterday amid a lack of fresh Eurozone economic data.
As a result, the common currency faced uncertain, muted movement.
Confirmation that the Eurozone services sector returned to growth in July could support EUR today, although a weaker PPI reading could offset the upside.
US dollar (USD) subdued amid US-Iran hopes
The safe-haven US dollar (USD) softened slightly yesterday as hopes for a US-Iran ceasefire saw investors favour riskier assets.
New US data in the evening failed to provide USD with much support, as job openings declined and factory orders contracted in June.
The focus for USD investors today will likely fall on the latest ISM services PMI. If it shows an acceleration in service-sector activity in July, the ‘greenback’ could strengthen.
Canadian dollar (CAD) weakens as oil falls
The crude-linked Canadian dollar (CAD) fell in the latter part of yesterday’s session, as hopes for a ceasefire in the Middle East saw oil prices decline.
Turning to today, Canadian data is thin on the ground, potentially leaving the ‘loonie’ to trade on oil price dynamics once again.
Australian dollar (AUD) limited as data disappoints
The Australian dollar (AUD) traded in a narrow range overnight as a weaker-than-forecast industry index was offset by an upbeat market mood.
New Zealand dollar (NZD) slips as unemployment rises
The New Zealand dollar (NZD) fell overnight after data showed that New Zealand unemployment rose more than forecast in the second quarter.
Never miss a movement. Create a free account with Currencies Direct to get the latest currency news delivered straight to your inbox. You can also set up rate alerts and check live rates 24/7.
