Pound (GBP) subdued in absence of data
The pound (GBP) remained stuck in a narrow range yesterday amid an ongoing lack of UK economic data.
A tepid risk appetite and slow day for domestic economic news also kept Sterling subdued.
GBP exchange rates could face some headwinds today in the wake of the UK’s finalised GDP figures for the fourth quarter of 2023, as they confirm that the country slipped into recession at the end of last year.
Euro (EUR) undermined by ECB rate cut speculation
The euro (EUR) edged slightly lower on Wednesday after Eurozone consumer inflation expectations this month fell more than forecast.
In addition, some dovish comments from European Central Bank (ECB) policymaker Piero Cipollone also dented EUR, as he suggested there was room for the bank to start cutting rates.
This morning, Germany’s latest retail sales figures showed a surprise slump in February, which could weigh on EUR through the start of today’s session.
US dollar (USD) choppy amid lack of data
The US dollar (USD) was choppy during Wednesday’s session as an absence of US economic data left the ‘greenback’ vulnerable to volatility.
A cautiously upbeat market mood stifled the safe-haven currency’s potential, although USD showed resilience and resisted losses against many peers.
Looking ahead, an expected uptick in US jobless claims this afternoon could put some pressure on the US dollar.
Canadian dollar (CAD) underpinned by oil recovery
The crude-linked Canadian dollar (CAD) held steady yesterday as oil prices inched higher following a decline overnight.
Turning to today, Canada’s latest GDP data could influence the ‘loonie’. Could growth in both January and February help the Canadian dollar climb?
Australian dollar (AUD) wobbles as retail sales miss forecasts
The Australian dollar (AUD) wavered overnight, as weaker-than-forecast retail sales growth dragged on the ‘Aussie’. However, since the start of the European session, AUD has slumped.
New Zealand dollar (NZD) falls as business confidence drops
The New Zealand dollar (NZD) softened in overnight trade following a sharp drop in New Zealand business confidence this month.