US Dollar (USD) Rises on Strong Jobs Report
The US Dollar (USD) ticked higher towards the end of last week’s trade as investors favoured the safe-haven currency amid an anxious market mood.
Strong US jobs data on Friday gave USD a further lift. The American jobless rate unexpectedly edged lower while non-farm payrolls exceeded forecasts, with signs of a robust US labour market reinforcing Federal Reserve rate hike bets.
Risk appetite could determine USD movement through most of today’s session. Later tonight, a speech from the Fed’s Patrick Harker could affect the ‘Greenback’.
Pound (GBP) Muted amid Scarcity of Data
The Pound (GBP) was subdued through the latter part of last week amid a lack of economic data and thin trading conditions on the Good Friday bank holiday.
With the market mood souring somewhat on Thursday, Sterling softened against its safer rivals.
UK economic data remains scarce today. As a result, the current risk-on market mood could lend GBP some support.
Euro (EUR) Firms following German Data
Upbeat German data gave the Euro (EUR) a boost on Thursday. Industrial production in the Eurozone’s largest economy rose by 2% in February, versus the expected 0.1%.
Hawkish comments from European Central Bank (ECB) policymaker Klaas Knot lent EUR further support on Friday. Knot said the bank ‘certainly’ wasn’t done with raising interest rates.
Turning to today, could an expected slump in Eurozone retail sales drive the single currency lower?
Canadian Dollar (CAD) Lifted by Employment Report
The Canadian Dollar (CAD) enjoyed some support on Thursday as Canada’s jobless rate held steady, rather than rising as forecast.
However, a dip in oil prices limited the commodity-linked currency’s upside.
Today, oil price movements could continue to influence the ‘Loonie’.
Australian Dollar (AUD) Firms as Confidence Improves
The Australian Dollar (AUD) trended up during overnight trade after Australian consumer and business confidence both beat expectations.
New Zealand Dollar (NZD) Quiet amid Lack of Data
The New Zealand Dollar (NZD) was muted last night amid a lack of data and a mixed market mood.