US Dollar (USD) Fluctuates amid Mixed Data
The safe-haven US Dollar (USD) saw some volatility yesterday amid a shifting market mood and mixed economic data.
The Federal Reserve decision then saw USD slump as the bank left interest rates unchanged. Although Fed Chair Jerome Powell left the door open to another hike, USD fell nonetheless.
Later today, low unemployment claims and strong factory orders growth could lend the ‘Greenback’ support.
Pound (GBP) Uncertain Ahead of BoE Decision
The Pound (GBP) continued to trade without a clear direction yesterday amid a lack of data.
With no fundamental factors driving GBP movement, Sterling was left to move in a wide range against its many peers.
The Bank of England (BoE) decision is the focus for GBP investors today. Will a dovish hold see Sterling slump?
Euro (EUR) Weakens as Markets Pare ECB Bets
The Euro (EUR) stumbled yesterday as Tuesday’s weaker Eurozone GDP and inflation data continued to weigh on the currency.
After the bloc’s economy contracted 0.1% in the third quarter and inflation cooled rapidly in October, markets continued to pare back bets on any further action from the European Central Bank (ECB).
This morning, Germany’s latest unemployment rate ticked higher. Could rising joblessness in the Eurozone’s largest economy add to the pressure on EUR?
Canadian Dollar (CAD) Buoyed by Rising Oil
The crude-linked Canadian Dollar (CAD) found some success yesterday as an uptick in oil prices lifted the ‘Loonie’.
With Canadian economic data absent from the calendar today, crude prices could continue to drive CAD exchange rates.
Australian Dollar (AUD) Rallies amid Risk-Positive Trade
The Australian Dollar (AUD) strengthened overnight thanks to a risk-on market mood in the wake of the Fed decision. AUD brushed off weaker trade data amid the bullish sentiment.
New Zealand Dollar (NZD) Lifted by Upbeat Mood
Likewise, the New Zealand Dollar (NZD) climbed higher last night amid the cheery tone in markets.