Pound (GBP) Recoups Post-Retail-Sales Losses
The Pound (GBP) initially fell on Friday after the UK’s latest retail sales data showed an unexpected drop.
However, Sterling managed to recover some losses in the afternoon without a clear catalyst. The risk-sensitive currency may have benefited from a modest uptick in market mood while also attracting some dip-buying.
Bank of England (BoE) Governor Andrew Bailey is due to speak at noon today. After the BoE’s surprisingly dovish tilt earlier this month, investors will be anxious to hear what Bailey has to say.
Euro (EUR) Slips as German Business Confidence Slumps
The Euro (EUR) lost ground at the end of last week following the Ifo German business climate indicator, which slumped to a 14-month low.
Adding to EUR’s woes was the ongoing war in Ukraine. Hopes of peace felt like a distant memory as Russian attacks continued and rhetoric hardened on both sides.
With no notable Eurozone data today, sentiment around the Russia-Ukraine crisis will likely continue to drive EUR movement.
US Dollar (USD) Inches Higher despite Headwinds
The US Dollar (USD) ticked higher against many of its peers on Friday despite a modest risk-on impulse in markets and a downwardly revised US consumer confidence score.
Recent hawkish remarks from Federal Reserve officials underpinned the ‘Greenback’, allowing it to gain on some of its weaker rivals.
With no major market-moving data out today, risk appetite could be the main driver for the US Dollar.
Canadian Dollar (CAD) Rises following Strong Manufacturing Sales
The Canadian Dollar (CAD) strengthened across the board on Friday, despite a dip in oil prices. CAD investors may have felt upbeat following Canada’s latest manufacturing sales data, which massively beat forecasts.
In the absence of Canadian data today, movements in WTI crude could influence the ‘Loonie’.
Australian Dollar (AUD) Gains amid Commodities Rally
The Australian Dollar (AUD) wavered higher in overnight trade as stronger materials prices boosted the commodity-linked currency.
New Zealand Dollar (NZD) Wavers amid Risk-Off Mood and Rising Materials Prices
The New Zealand Dollar (NZD) fluctuated in a narrow range overnight as a risk-off mood and rising commodities prices pulled NZD in different directions.