Pound (GBP) slides as UK retail sales plunge
The Pound (GBP) faced heavy selling pressure on Friday as a sharp slump in UK retail sales sparked recession fears.
British sales growth plunged by 3.2% in December, far worse than the expected decline of 0.5%.
In the absence of any upcoming UK data releases, Sterling may struggle to find a clear direction during today’s trade.
Euro (EUR) pressured by German PPI
The Euro (EUR) ended last week’s session without a clear direction amid a shifting market mood.
A larger-than-forecast contraction in German producer price inflation put some pressure on EUR, seeing it slip against its stronger rivals.
Turning to today, European Central Bank (ECB) President Christine Lagarde is due to speak this afternoon. If she strikes a hawkish tone, the common currency could rise.
US Dollar (USD) wavers as sentiment shifts
The US Dollar (USD) also traded in a mixed capacity at the end of last week due to a choppy market mood.
As risk sentiment shifted throughout the day, so did the safe-haven ‘Greenback’.
Market risk dynamics may drive the US Dollar through today’s session. If the current risk-positive mood prevails, the ‘Greenback’ could weaken.
Canadian Dollar (CAD) firms as oil prices rise
The crude-linked Canadian Dollar (CAD) found success at the end of last week’s session, thanks to oil prices ticking higher.
Oil price dynamics may continue to be the key factor for the ‘Loonie’ during today’s session. Could a decline in prices drag CAD lower?
Australian Dollar (AUD) slips amid souring mood
The Australian Dollar (AUD) softened last night as a downbeat mood during the overnight trading hours weighed on the risk-sensitive ‘Aussie’.
New Zealand Dollar (NZD) weakens due to cautious trade
The New Zealand Dollar (NZD) also stumbled overnight as a cautious tone dampened NZD’s appeal.