Pound (GBP) Ticks Higher on Strong GDP Data
The Pound (GBP) found some success on Friday after UK GDP printed at 0.8% in January, well above forecasts of 0.2%.
However, ongoing worries about the Russia-Ukraine war weighed on Sterling, limiting its gains.
With no UK economic data out today, the situation in Ukraine could drive most movement in the Pound. Will another round of peace talks bring some cautious optimism to markets?
Euro (EUR) Stumbles following ECB Comments
The Euro (EUR) fell on Friday after an official at the European Central Bank (ECB) emphasised that a rate hike could still be some way off.
In addition, Russian missile and artillery strikes continued in Ukraine, keeping markets downbeat and dampening demand for the Euro.
Turning to today, news from Ukraine is likely to exert the most influence over EUR exchange rates.
US Dollar (USD) Climbs as US Treasury Yields Rise
The US Dollar (USD) firmed through Friday’s session as US Treasury yields ticked higher ahead of the Federal Reserve rate hike expected this week.
The ‘Greenback’ also caught bids amid a risk-off market mood as the war in Ukraine rages on.
Looking ahead, a lack of US data could leave USD to trade on risk appetite and Treasury yields once again today.
Canadian Dollar (CAD) Climbs as Jobs Data Smashes Forecasts
The Canadian Dollar (CAD) strengthened at the end of last week’s trade thanks to some stellar jobs data.
The unemployment rate in Canada fell from 6.5% to 5.5%, beating forecasts of a fall to 6.2%.
A lack of notable Canadian data today means that movements in the oil market could drive the oil-linked ‘Loonie’.
Australian Dollar (AUD) Slips on Dovish RBA Remarks
The Australian Dollar (AUD) stumbled overnight as rising Covid cases in China weighed on the China-proxy ‘Aussie’ Dollar. In addition, dovish comments from Reserve Bank of Australia (RBA) Governor Philip Lowe added to AUD’s downside.
New Zealand Dollar (NZD) Falls on China Covid Outbreak
The New Zealand Dollar (NZD) also slipped in overnight trade, with the worrying Covid outbreak in China also weighing on NZD.