Pound (GBP) buoyed by upwardly revised services PMI
The pound (GBP) traded with modest gains yesterday, with the release of the UK’s latest services PMI.
August’s finalised index saw growth in the vital sector revised higher, reinforcing the UK’s current economic momentum.
Looking ahead, the absence of any notable UK economic data may leave the pound direction through today’s session.
Euro (EUR) sidelined by uneven data
The euro (EUR) was pulled in two directions on Wednesday as a result of mixed Eurozone data.
While EUR sentiment was supported by a surprise uptick in the bloc’s latest producer price index, the single currency’s upside potential was capped by a downward revision to Eurozone service sector growth last month.
The European trading session kicked off today with the publication of Germany’s latest factory orders release. The data is offering support to the euro this morning after reporting order growth unexpectedly remained positive in July.
US dollar (USD) slides as job openings fall
The US dollar (USD) stumbled through yesterday’s session amid fresh fears that the US labour market is cooling.
This followed the latest US Job Openings and Turnover survey (JOLTs), which reported new job openings fell to their lowest level since the start of 2021.
The US private sector will be in the spotlight today with the publication of the latest ISM services PMI. Will an expected slowdown in US service sector growth last month pull the US dollar lower?
Canadian dollar (CAD) softens as BoC cuts rates
The Canadian dollar (CAD) weakened on Wednesday as the Bank of Canada (BoC) delivered its third consecutive interest rate cut.
Coming up, we may see the recent plunge in global oil prices limit the appeal of the crude-linked ‘loonie’ through today’s session.
Australian dollar (AUD) flat despite hawkish RBA Bullock comments
The Australian dollar (AUD) traded in a narrow range overnight on Wednesday, with AUD investors unfazed by hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock.
New Zealand dollar (NZD) attracts modest support
The New Zealand dollar (NZD) crept higher in overnight trade, with the risk-sensitive currency attracting support despite a broadly risk-off market mood.