Pound (GBP) trims gains amid thin conditions
The Pound (GBP) started this week’s session by shedding some of last week’s gains amid a lack of fresh UK data.
With little to encourage GBP investors, Sterling retreated against many of its rivals.
This morning, the UK’s latest jobs report missed forecasts, with unemployment rising and wage growth slowing. This has boosted bets on an upcoming interest rate cut from the Bank of England (BoE), which is weighing on Sterling this morning.
Euro (EUR) rangebound in absence of data
The Euro (EUR) was subdued on Monday as the currency markets saw a quiet start to the week.
Economic data was in short supply across the board, with some high-impact releases on the horizon. Therefore investors were hesitant to place any aggressive bets.
Earlier today, Germany published its finalised inflation rate for February. Confirmation of a slowdown could pressure EUR through the first half of today’s trade.
US Dollar (USD) edges higher amid souring mood
The US Dollar (USD) rose yesterday, recouping some of last week’s losses, as a risk-off mood boosted the safe-haven currency’s appeal.
However, USD investors were cautious to adjust their positions ahead of today’s consumer price index, which ultimately capped the US Dollar’s upside potential.
The US CPI figures, to be published this afternoon, are in the spotlight for markets today. Could signs of cooling American inflation see the ‘Greenback’ slump?
Canadian Dollar (CAD) underpinned by USD correlation
The crude-linked Canadian Dollar (CAD) wobbled on Monday amid choppy oil prices. However, CAD inched higher against its weaker rivals thanks to the currency’s positive correlation with USD.
Today, crude prices and USD movement could continue to impact the ‘Loonie’. Could an uptick in oil boost CAD exchange rates?
Australian Dollar (AUD) subdued on tepid economic data
The Australian Dollar (AUD) was flat in overnight trade amid a mixed Australian business confidence report and a muted market mood.
New Zealand Dollar (NZD) moves sideways amid quiet trade
Likewise, the New Zealand Dollar (NZD) was rangebound last night as investors hesitated ahead of today’s US inflation data.