US Dollar (USD) Nosedives amid Dismal Employment Data
After a tepid start, the US Dollar (USD) began to crash during last Friday’s trade, following dismal employment data.
Non-farm payrolls for October printed significantly below forecasts, reporting a sharp slowdown in the number of private sector jobs created. Further pressure mounted on USD later in the session as the ISM services PMI also missed expectations.
Today, the ‘Greenback’ may struggle to find its footing, as macroeconomic releases are thin on the ground.
Pound (GBP) Soars amid Bullish Trade
The Pound (GBP) roared higher on Friday, as the bullish market mood intensified over the session.
Despite a lack of data, and pared back Bank of England (BoE) rate hike bets, the increasingly risk-sensitive Pound skyrocketed. As risk-on trade took root, GBP exchange rates soared.
UK data releases are in short supply today, which may restrict movement in Sterling.
Euro (EUR) Climbs as USD Crumbles
Despite disappointing German trade data, the Euro (EUR) reversed its losses over the course of last Friday’s trade.
USD exchange rates slumped at the end of the European session, allowing the common currency to climb due to their negative correlation.
This morning, German factory orders for September printed significantly above forecasts at 0.2%, which could underpin EUR today.
Canadian Dollar (CAD) Blighted by Rising Unemployment
The Canadian Dollar (CAD) weakened on Friday as Canada’s unemployment rate rose at a faster-than-expected pace in October.
October’s Ivey PMI could weaken CAD later today, if private sector activity showed signs of slowing as forecast.
Australian Dollar (AUD) Wavers amid Cooling Inflation
The Australian Dollar (AUD) saw choppy trade overnight, following a surprise cooldown in the monthly inflation gauge.
New Zealand Dollar (NZD) in Flux amid Shifting Risk Appetite
The risk-sensitive New Zealand Dollar (NZD) fluctuated in overnight trade, amid a mixed market mood.