Euro (EUR) Slides following Troubling PMIs
Dismal PMI data weighed heavily on the Euro (EUR) during Friday’s trade.
Manufacturing activity contracted at its sharpest pace in three years. Meanwhile, service sector activity slowed more than expected, dropping to a five-month low.
The focus for EUR investors this morning is the latest Ifo business climate indicator for Germany. Will signs of pessimism dent the Euro? Later this evening, a speech from European Central Bank (ECB) President Christine Lagarde could drive movement.
Pound (GBP) Wobbles amid Mixed Reports
Mixed economic data saw the Pound (GBP) trade in a wide range at the end of last week’s session.
While British retail sales unexpectedly grew last month, the manufacturing and services PMIs were worse than forecast.
Turning to today, the Confederation of British Industry’s (CBI) latest distributive trades survey could cause some movement. Could an improvement this month buoy GBP?
US Dollar (USD) Firms amid Investor Angst
The US Dollar (USD) strengthened on Friday as the safe-haven currency benefitted from market risk aversion.
Weak economic data from some of the world’s largest economies, along with fears about rising interest rates, soured the market mood.
Market-moving US economic data is thin on the ground today. As a result, risk tone could drive movement. Will global downturn fears continue to underpin the safer ‘Greenback’?
Canadian Dollar (CAD) Wobbles as Oil Prices Fluctuate
The commodity-linked Canadian Dollar (CAD) wavered at the end of last week, amid some choppy trade in the oil markets. However, recent Bank of Canada (BoC) rate rise bets prevented CAD from falling.
With Canadian data in short supply today, oil price dynamics could continue to drive the ‘Loonie’.
Australian Dollar (AUD) Muted amid Risk-Off Mood
The Australian Dollar (AUD) traded in a narrow range overnight, close to multi-week lows, as a gloomy mood weighed on the risk-sensitive ‘Aussie’.
New Zealand Dollar (NZD) Firms despite Lack of Data
The New Zealand Dollar (NZD) strengthened overnight, despite a risk-averse market mood and a lack of New Zealand data.