Pound (GBP) slides on dire UK data
The pound (GBP) faced heavy pressure on Friday as British retail sales growth slumped by 0.7% in October, versus forecasts for a more modest drop of 0.3%.
In addition, the UK’s preliminary PMIs for November missed forecasts, with service sector activity unexpectedly stalling this month.
Looking ahead, speeches from Bank of England (BoE) policymakers Clare Lombardelli and Swati Dhingra could influence GBP today. Will mixed remarks see Sterling waver?
Euro (EUR) drops as private sector contracts
The euro (EUR) also took a tumble on Friday, with the Eurozone manufacturing and services PMIs both showing contracting activity this month.
In addition, Germany’s final GDP reading for the third quarter was revised lower, from 0.2% to 0.1%.
This morning, an expected decline in German business morale could put pressure on the euro.
US dollar (USD) firms amid downbeat trade
The US dollar (USD) enjoyed a strong end to the week as the risk-averse mood saw investors favour the safe-haven ‘greenback’.
A stronger-than-forecast US services PMI also lent USD support, with the preliminary score rising from 55 to 57 in November.
Turning to today, a lack of US data could leave the ‘greenback’ to trade on market risk appetite. Could a souring mood see the safe-haven currency gain ground?
Canadian dollar (CAD) climbs amid positive retail sales
The Canadian dollar (CAD) rose against most of its rivals on Friday thanks to another 0.4% expansion in Canadian retail sales in September and a stronger US dollar.
Canadian economic data is in short supply today. Therefore, oil prices may be the primary factor behind movement in the commodity-linked Canadian dollar.
Australian dollar (AUD) zigzags as week’s session begins
The Australian dollar (AUD) fluctuated at the start of this week’s session, with a mixed market mood and falling commodities prices pulling AUD in different directions.
New Zealand dollar (NZD) wobbles amid shifting mood
The New Zealand dollar (NZD) has likewise seen a choppy start to the week, with a shifting market mood infusing NZD with some volatility.