Pound Rallied amid Surprise Uptick in UK GDP

Pound (GBP) Strengthens as UK GDP Surprises to the Upside

The Pound (GBP) rose against most peers of Friday as GBP investors welcomed the UK’s stronger-than-expected second quarter GDP figures.

The upbeat figures stoked speculation the Bank of England (BoE) could deliver more interest rate hikes in the coming month.

Owing to a lack of data today, Sterling may be left vulnerable to shifts in risk appetite. Could bullish trade aid GBP?

Euro (EUR) Listless amid Data Drought

The Euro (EUR) wavered on Friday, as a light data calendar prevented the common currency from garnering support.

Some gains were brought about by risk-averse trade, but not enough to provide clear direction for the Euro.

Due to a light slate of economic releases, the common currency could struggle for support during today’s session.

US Dollar (USD) Unable to Cement Post-PPI Spike

Following hotter-than-expected PPI data, the US Dollar (USD) climbed last Friday as investors made renewed bets on further tightening.

However, the ‘Greenback’ seemed unable to cement these gains following a downtick in the Michigan consumer confidence index.

With data releases in short supply, continued analysis of last week’s inflation data may drive the ‘Greenback’ today.

Canadian Dollar (CAD) Bolstered by Oil Price Recovery

The crude-linked Canadian Dollar (CAD) enjoyed some support last Friday, due to a recovery in oil prices.

The ‘Loonie’ may lack direction today, as the focus shifts towards tomorrow’s inflation data.

Australian Dollar (AUD) Struggles amid Chinese Economic Concerns

The Australian Dollar (AUD) struggled overnight, as risk-off trade prompted by Chinese economic anxieties weighed on the ‘Aussie’.

New Zealand Dollar (NZD) Falls as Service Sector Contracts

Falling private sector indexes dented the New Zealand Dollar (NZD) in overnight trade, pushing it to multi-month lows.

John Mulcahey

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