Pound (GBP) wavers lower amid lack of data
The Pound (GBP) faced choppy trade yesterday as a lack of UK economic data left Sterling vulnerable to market volatility.
Overall, GBP exchange rates were worse off by the end of the session as the UK currency struggled to attract support.
The only UK data release due out today is February’s finalised manufacturing PMI. Could confirmation that factory activity continued to contract put some pressure on the Pound?
Euro (EUR) fluctuates amid weaker German data
The Euro (EUR) initially rose on Thursday, despite downbeat retail sales and unemployment data from Germany.
As the session progressed, EUR eventually turned south. The common currency slashed its earlier gains as cooler German inflation data fuelled speculation around European Central Bank (ECB) interest rate cuts.
The focus for EUR investors today is undoubtedly on the Eurozone’s consumer price index for February. Will a notable deceleration in inflation last month boost ECB rate cut bets, thereby driving the Euro lower?
US Dollar (USD) climbs as inflationary pressures look persistent
The US Dollar (USD) faced volatility yesterday amid a larger-than-expected rise in US jobless claims and a cooldown in the core PCE price index.
Although the Federal Reserve’s preferred measure of inflation eased from 2.9% to 2.8% in January, this modest deceleration suggests that price pressures remain persistent. USD initially wobbled before rallying.
This afternoon, the ISM manufacturing PMI for February is in the spotlight for USD investors. Will an ongoing contraction in US factory activity dent the ‘Greenback’?
Canadian Dollar (CAD) choppy alongside oil prices
A decline in crude prices dented the oil-sensitive Canadian Dollar (CAD) at the start of yesterday’s session. However, CAD then rebounded amid a recovery in prices and mixed GDP data.
Today, Canada’s manufacturing PMI could impact the ‘Loonie’. Could a continued contraction in the sector dent the Canadian Dollar?
Australian Dollar (AUD) ticks higher as risk appetite increases
The Australian Dollar (AUD) moved higher last night as an improving market mood lifted the risk-sensitive ‘Aussie’.
New Zealand Dollar (NZD) subdued by cautious RBNZ comments
Despite the risk-on tone in markets, the New Zealand Dollar (NZD) moved sideways overnight. Cautious comments from Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr muted the ‘Kiwi’.