Pound (GBP) Volatile amid Domestic Troubles
The Pound (GBP) fluctuated yesterday as domestic concerns offset a risk-on market mood.
Parliament convened to debate the government’s Northern Ireland Protocol Bill, which some fear could cause a UK-EU trade war. Meanwhile, criminal barristers went on strike over below-inflation pay increases, following disruptive train strikes last week.
Later this morning, a speech from Bank of England (BoE) policymaker Jon Cunliffe could impact Sterling. As one of the more dovish members of the Monetary Policy Committee (MPC) Cunliffe may advocate a softer approach to interest rate rises, which may weigh on GBP.
Euro (EUR) Rises on Weaker USD
In addition, a fairly upbeat tone among European investors helped lift EUR exchange rates.
European Central Bank (ECB) President Christine Lagarde is speaking this morning. Her comments could cause some movement in the Euro.
US Dollar (USD) Declines amid Upbeat Trade
The safe-haven US Dollar stumbled yesterday amid a cheery trading sentiment.
Stronger-than-expected US durable goods orders in the afternoon only seemed to put more pressure on USD by adding to the bullish market mood.
A forecast fall in US consumer confidence this afternoon could dent the ‘Greenback’.
Canadian Dollar (CAD) Slips despite Rising Oil Prices
The commodity-linked Canadian Dollar (CAD) struggled on Monday, despite a slight uptick in oil prices.
Turning to today’s session, CAD could trade on oil price dynamics.
Australian Dollar (AUD) Inches Up amid Positive Mood
The Australian Dollar (AUD) edged higher overnight as a moderately upbeat mood boosted the risk-sensitive ‘Aussie’.
New Zealand Dollar (NZD) Wobbles despite Risk-On Sentiment
The New Zealand Dollar (NZD) wavered lower in overnight trade as investors’ modest appetite for risk failed to boost the ‘Kiwi’.