Pound (GBP) Supported by BoE Hike Bets
Bets on further tightening from the Bank of England (BoE) pushed the Pound (GBP) up against some of its peers yesterday.
Persistent inflationary pressures in the UK sees GBP investors still confident the BoE will deliver at least one more rate hike, despite the dovish tone struck in the wake of last week’s rate decision.
Due to a light data calendar, the Pound could be left vulnerable to further analysis of the UK’s economic outlook. Downbeat news could weigh on Sterling.
Euro (EUR) Undermined by Downbeat German Data
Yesterday, the Euro (EUR) saw choppy trade amid a turbulent, yet quiet, trading session.
While the safer common currency was able to gain ground during patches of bearish trade, a sharp fall in German industrial production limited EUR’s strength.
Owing to a short supply of data, the Euro could struggle to find a clear direction today.
US Dollar (USD) Mixed as Analysts Consider Fed Pause
Trade in the US Dollar (USD) was mixed on Monday as a lack of data kept the safe-haven ‘Greenback’ in flux.
Following last week’s payrolls data, analysts believe the Federal Reserve are likely to pause their current tightening cycle. As such, USD was unable to press much of an advantage over its peers.
USD investors will look to a couple of Fed speeches for fresh impetus today. A broadly hawkish consensus could see the US Dollar strengthen.
Canadian Dollar (CAD) Directionless amid Oil Price Drop Off
Volatile oil prices prevented the Canadian Dollar (CAD) from enjoying clear support yesterday, leaving CAD directionless.
This afternoon, the latest balance of trade data is due. Could a decrease in the Canadian deficit boost the ‘Loonie’?
Australian Dollar (AUD) Slides as Consumer Confidence Falls
Overnight, The Australian Dollar (AUD) weakened amid a slump in consumer confidence, and a bearish market mood.
New Zealand Dollar (NZD) Dips amid Souring Market Mood
The risk-sensitive New Zealand Dollar (NZD) struggled to find support overnight, due to declining risk appetite.