Pound (GBP) subdued as PMI disappoints
The pound (GBP) found itself on the back foot yesterday, as the UK’s final manufacturing PMI was revised lower.
The finalised survey printed at 51.9, down from 52.5, to show an unexpected slowdown in British factory activity.
UK data is absent from the calendar today, potentially leaving the pound to trade without a clear directional bias.
Euro (EUR) uncertain amid lacklustre data
The euro (EUR) was mixed yesterday as EUR investors reacted to the latest Eurozone data.
A larger-than-forecast decline in German retail sales dented the single currency, while a softer manufacturing PMI also subdued movement. Still, EUR managed to firm against some weaker peers.
With Eurozone data in short supply today, movement in the euro may be muted.
US dollar (USD) recovers on strong PMI
The US dollar (USD) trended higher yesterday, with the currency attracting some dip-buying following the steep selloff last week.
The latest ISM manufacturing PMI also supported the ‘greenback’, with the survey exceeding expectations to rise to its highest level since May 2022.
Looking ahead, the latest Job Openings and Labor Turnover Survey (JOLTS) and factory orders data for June could influence USD, although movement may be limited if the releases print as expected.
Canadian dollar (CAD) finds footing despite softer oil
The crude-linked Canadian dollar (CAD) was initially subdued on Monday amid a recent decline in oil prices. However, CAD managed to find support in the afternoon, without a clear catalyst for the movement.
Today, Canada’s latest manufacturing PMI could dent the ‘loonie’ if it shows that factory activity slowed to a near standstill last month.
Australian dollar (AUD) firms as commodities recover
The Australian dollar (AUD) climbed overnight as rising commodity prices and an improving market mood supported the currency.
New Zealand dollar (NZD) steady amid cautiously upbeat mood
The New Zealand dollar (NZD) traded sideways overnight, as a cautiously upbeat mood underpinned the ‘kiwi’ but failed to prompt gains.
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.
