Pound (GBP) inches up from recent lows
After touching multi-month lows against some peers, the pound (GBP) managed to creep slightly higher during yesterday’s session.
With Sterling seemingly hitting a floor following this week’s selloff, some investors opted to pick up a bargain and buy the oversold currency.
The pound may remain muted during the final session of the week amid an ongoing lack of UK economic data.
Euro (EUR) weakens as USD rises
The euro (EUR) suffered from its strong negative correlation with the US dollar (USD) yesterday, with EUR falling as USD attracted bids.
Additionally, the safer single currency struggled to garner support amid an improving market mood.
Earlier this morning, Germany’s final inflation figures for July confirmed that price pressures rose last month. Could this be enough to lift EUR through the first part of today’s session?
US dollar (USD) underpinned by falling jobless claims
The US dollar attracted support against some of its rivals yesterday after the latest US initial jobless claims figure came in lower than expected, easing fears over the health of the American labour market.
However, the safe-haven ‘greenback’ was undermined by a risk-on market mood, which saw USD struggle against riskier rivals.
US economic data thins out as this week’s session comes to a close. As a result, risk appetite could drive most movement in the safe-haven US dollar.
Canadian dollar (CAD) softens amid muted oil prices
The crude-linked Canadian dollar (CAD) weakened against it stronger peers yesterday as muted oil prices left the ‘loonie’ lacking support.
Looking forward, the focus for CAD investors is Canada’s latest employment report, due out this afternoon. Could an expected rise in domestic unemployment see the ‘loonie’ stumble?
Australian dollar (AUD) consolidates gains amid cautious optimism
The Australian dollar (AUD) traded in a narrow range last night, consolidating this week’s impressive recovery amid a cautiously upbeat market mood.
New Zealand dollar (NZD) firms on Chinese inflation figures
The New Zealand dollar (NZD) gained ground overnight as stronger-than-forecast Chinese inflation supported the ‘kiwi’.