Pound (GBP) slips as lull in data continues
The Pound (GBP) softened against many of its peers on Friday as a lack of GBP data left the currency vulnerable to losses.
In addition, a new survey from the Bank of England (BoE) showed that consumer inflation expectations in the UK fell to a three-year low, thereby increasing the possibility of an earlier interest rate cut.
Sterling could start this week’s session struggling to find a clear direction amid a continued lack of UK economic data.
Euro (EUR) supported by risk-off mood
The Euro (EUR) found modest success on Friday, rising against its weaker peers amid a downbeat market mood.
However, dovish comments from European Central Bank (ECB) policymakers stifled EUR’s upside.
Later this morning, the Eurozone’s final inflation rate reading for February could impact the common currency, particularly if it contains any surprises.
US Dollar (USD) steady amid gloomy trade
The US Dollar (USD) held strong on Friday, clinging on to the gains it made throughout the week.
A gloomy market mood kept the safe-haven ‘Greenback’ afloat, although a drop in US consumer sentiment prevented further gains.
Turning to today, risk appetite could drive the safe-haven US Dollar. Could an improving mood see USD tick lower?
Canadian Dollar (CAD) choppy as oil prices waver
The Canadian Dollar (CAD) fluctuated on Friday as wavering oil prices infused the crude-linked ‘Loonie’ with volatility.
Looking ahead, the latest Canadian producer price index is out this afternoon. If wholesale inflation picked up month on month in February, CAD could enjoy modest support.
Australian Dollar (AUD) firms amid risk-positive trade
The Australian Dollar (AUD) posted meagre gains overnight, recouping some of last week’s losses, thanks to a slight increase in risk appetite.
New Zealand Dollar (NZD) rises as service sector expands
Likewise, the New Zealand Dollar (NZD) crawled up from recent lows overnight after data showed an acceleration in New Zealand service sector activity.