Euro (EUR) Climbs following Strong PMI Results
The Euro (EUR) marched higher at the end of last week following April’s PMI surveys.
Although the Eurozone’s manufacturing sector contracted by more than forecast, overall private sector activity unexpectedly accelerated from 53.7 to 54.4.
The focus for this morning is Germany’s latest business climate index. Although morale improved, the index came in lower than forecast. Will this be enough to support the Euro?
Pound (GBP) Stumbles following Dismal Sales Data
The Pound (GBP) fell sharply at the open of Friday’s session after the UK’s latest retail data revealed a slump in sales in March.
Sterling managed to recover somewhat through the second half of the day. A stronger-than-expected services PMI provided the currency with some support.
UK data is in short supply today, so the Pound may face mixed movement.
US Dollar (USD) Clipped as Risk Appetite Returns
The US Dollar (USD) initially firmed on Friday as a downbeat market mood boosted the safe-haven currency’s appeal.
However, risk appetite grew stronger as the session progressed, following upbeat economic data from the US and Europe. This saw USD trim its gains in the afternoon.
Market-moving US data is thin on the ground today. As a result, risk appetite may once again drive most movement.
Canadian Dollar (CAD) Dips amid Declining Retail Sales
The Canadian Dollar (CAD) fell at the end of the week as a contraction in Canadian retail sales dented the ‘Loonie’.
Amid a lack of important Canadian data, oil prices could influence the commodity-linked currency through today’s session.
Australian Dollar (AUD) Falls as Sentiment Sours
A downbeat market mood weighed on the risk-sensitive Australian Dollar (AUD) overnight, pushing the ‘Aussie’ lower.
New Zealand Dollar (NZD) Softens amid Risk-Off Mood
Likewise, the risky New Zealand Dollar (NZD) edged lower in overnight trade amid market risk aversion.