Pound (GBP) climbs as cost-of-living crisis eases
The Pound (GBP) found success on Friday amid renewed hope around the future of the UK economy.
UK energy regulator Ofgem announced that the energy price cap would fall significantly in April, putting more money back in the pockets of British consumers and therefore easing the country’s cost-of-living crisis.
Today, weak sales data from the Confederation of British Industry (CBI) could dent GBP. Investors may also look to a speech from Bank of England (BoE) Chief Economist Huw Pill for fresh impetus.
Euro (EUR) wavers following mixed German data
The Euro (EUR) struggled to find a clear direction at the end of last week’s session, following Germany’s latest business sentiment index.
Although the data showed an improvement in morale, businesses in the Eurozone’s largest economy still believe the country is headed for a recession.
Looking forward, European Central Bank (ECB) President Christine Lagarde is due to speak this afternoon. If she strikes a cautious tone, the common currency could stumble.
US Dollar (USD) dented by slumping Treasury yields
The US Dollar (USD) was initially pulled down by a sharp drop in US Treasury bond yields on Friday.
However, a slight souring of the market mood helped the safe-haven currency recoup some of its losses in the latter half of the session.
Turning to today, risk appetite and bond market movement could continue to drive USD. Could a prevailing gloomy mood see USD climb?
Canadian Dollar (CAD) falls as oil prices slip
The Canadian Dollar (CAD) weakened on Friday as falling oil prices pulled the commodity-linked ‘Loonie’ lower.
Amid a lack of market-moving Canadian data today, crude prices could continue to impact CAD. Will another drop in oil dent the currency?
Australian Dollar (AUD) muted amid thin trading conditions
The Australian Dollar (AUD) was subdued overnight as a lack of economic data and a tepid market mood muted the risk-sensitive currency.
New Zealand Dollar (NZD) slips ahead of RBNZ meeting
The New Zealand Dollar (NZD) fell as this week’s session began, slashing some of last week’s gains, as markets seemed to rein in overzealous bets on a surprise interest rate hike from the Reserve Bank of New Zealand (RBNZ) at the bank’s upcoming policy decision.