US Dollar (USD) Firms amid Souring Mood
The US Dollar (USD) moved higher yesterday as a downbeat market mood provided the currency with safe-haven flows.
Markets remained anxious about the ongoing conflict in the Middle East.
Looking ahead, the US third-quarter GDP growth rate is in the spotlight. Could signs of a robust US economy boost Federal Reserve rate hike bets and send USD skyward?
Pound (GBP) Wavers in Absence of Data
The Pound (GBP) was mixed yesterday as a lack of UK economic data left the currency moving without a clear direction.
With nothing to guide GBP investors, Sterling traded on risk appetite, falling against its safer peers while rising against riskier rivals.
The Confederation of British Industry’s (CBI) distributive trades survey is the only GBP data release out today. Could another slump in sales weigh on the Pound?
Euro (EUR) Edges Higher following German Data
The Euro (EUR) found modest success yesterday after Germany’s latest business climate indicator exceeded forecasts.
Companies in the Eurozone’s largest economy are less pessimistic about the business outlook, marking the first improvement in the index since March.
Today, the European Central Bank’s (ECB) interest rate decision is in the spotlight. Could another dovish hold see the single currency slide?
Canadian Dollar (CAD) Undermined by BoC Inaction
The crude-linked Canadian Dollar (CAD) fluctuated yesterday as an uptick in oil prices offset another interest rate hold from the Bank of Canada (BoC).
With market-moving Canadian data in short supply today, crude prices could continue to drive the ‘Loonie’.
Australian Dollar (AUD) Slips following RBA Comments
The Australian Dollar (AUD) stumbled overnight after Reserve Bank of Australia (RBA) Governor Michele Bullock downplayed the country’s latest hotter-than-forecast inflation data.
New Zealand Dollar (NZD) Falls on AUD Correlation
The New Zealand Dollar (NZD) also slipped last night as NZD suffered from its positive correlation with AUD.