Pound (GBP) uncertain in absence of data
The pound (GBP) moved without a clear direction yesterday amid an ongoing lack of UK economic data.
This saw GBP exchange rates trade in a wide range, with Sterling rising against some of its peers while sliding elsewhere.
Looking ahead, a speech from Bank of England (BoE) Deputy Governor Dave Ramsden could impact GBP today. If Ramsden voices support for further interest rate cuts, Sterling could stumble.
Euro (EUR) wavers amid Greenland uncertainty
The euro (EUR) was mixed yesterday, wavering against many of its peers, amid uncertainty over the future of Greenland.
While worries of a US military intervention have pressured EUR in recent days, there were also hopes that a trilateral meeting between Greenlandic, Danish and US officials could yield a diplomatic resolution.
This meeting is due to take place today, with EUR investors likely focusing on the outcome. Any remarks emerging from the talks could infuse the euro with volatility.
US dollar (USD) climbs as inflation holds steady
The US dollar (USD) rose yesterday as the latest US consumer price index showed both headline and core inflation holding above the Federal Reserve’s target in December.
The CPI figures reinforced bets that the Fed is unlikely to cut rates in the near term, which lent USD support.
Today, USD investors may focus on the latest US retail sales figures. A forecast rebound in sales growth in November could further boost the ‘greenback’.
Canadian dollar (CAD) wobbles despite rising oil prices
The Canadian dollar (CAD) was mixed yesterday, with rising oil prices failing to lift the crude-linked ‘loonie’.
Oil prices could drive CAD exchange rates today. If crude continues to trend higher, the Canadian dollar may gain some traction.
Australian dollar (AUD) buoyed by Chinese trade data
The Australian dollar (AUD) rose overnight as strong trade data from China reflected positively on the ‘Aussie’, due to the close trading ties between Canberra and Beijing.
New Zealand dollar (NZD) firms as risk appetite returns
The New Zealand dollar (NZD) found support overnight as a slight improvement in market risk appetite lifted NZD.
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