US Dollar (USD) Stumbles as NFP Data Misses Forecasts
Following the release of the latest non farm payrolls data, the US Dollar (USD) fell sharply during Friday’s session.
A weaker-than-expected payroll print saw USD investors pare back bets on further hikes from the Federal Reserve.
Fed official Michelle Bowman is set to speak this afternoon. If she strikes a hawkish chord, USD could strengthen.
Pound (GBP) Volatile as Markets Consider Bleak Economic Forecasts
Volatility continued to blight the Pound (GBP) on Friday as markets continued to digest the latest Bank of England (BoE) interest rate decision.
While the door was left open for further tightening, the accompanying economic forecasts proved gloomy. Because of this, the UK is considered to be stuck in a ‘low-growth trap’, which weighed on Sterling sentiment.
UK data is in short supply today. Because of this, the Pound may be left vulnerable to shifts in risk appetite.
Euro (EUR) Strengthens despite Mixed Economic Data
After a sluggish start last Friday, the Euro (EUR) managed to strengthen against most of its major peers by the end of the session.
Retail sales in the Eurozone were found to have contracted by 0.3%, below forecasts of a 0.2% increase. However, this was likely offset by a surprise surge in German factory orders. Furthermore, weakness in the US Dollar likely brought additional tailwinds.
This morning, the latest German industrial production figures reported a 1.5% contraction in June, far below forecasts. Could this leave the Euro on the defensive this morning?
Canadian Dollar (CAD) Weakens amid Rising Unemployment
An increase in unemployment and fall in the Ivey PMI weakened the Canadian Dollar (CAD) at the end of last week.
Oil price dynamics are likely to the ‘Loonie’s primary catalyst of movement today. Could a rebound in prices boost CAD?
Australian Dollar (AUD) Grinds Higher following Hawkish RBA Statement
Overnight, The Australian Dollar (AUD) rose against some peers, as hawkish remarks from the Reserve Bank of Australia (RBA) continue to support AUD.
New Zealand Dollar (NZD) Rises on Cheery market Mood
The risk-sensitive New Zealand Dollar (NZD) rallied in overnight trade, due to a bullish market mood.