Pound (GBP) buoyed despite lack of data
The pound (GBP) managed to gain ground against many of its peers yesterday, despite a lack of UK economic data.
Expectations that the Bank of England (BoE) may be slower to cut interest rates compared to other central banks seemed to lend Sterling support.
Today, market-moving UK data remains in short supply. As a result, Sterling may face muted movement.
Euro (EUR) rises thanks to USD correlation
The euro (EUR) climbed yesterday, with EUR shrugging off political jitters in France and some downbeat Eurozone data.
The common currency seemed to draw strength from its negative correlation with the US dollar (USD), as the latter currency struggled.
An unexpected decline in German industrial production could weigh on the euro today. Output contracted by 1% in October, rather than rising by 1.2%.
US dollar (USD) softens amid risk-on trade
The safe-haven US dollar weakened yesterday as an improving market mood sapped demand for the currency.
The latest initial jobless claims data also dented USD, as the figure jumped to a six-week high.
Looking at the session ahead, all eyes are on the latest US employment data due out this afternoon. Could a rebound in jobs creation boost the ‘greenback’?
Canadian dollar (CAD) unclear amid oil volatility
The crude-linked Canadian dollar (CAD) traded without a clear direction yesterday amid volatility in the oil market.
Coming up, the Canadian dollar could face selling pressure this afternoon. Canadian unemployment is expected to have risen in November.
Australian dollar (AUD) slips as sentiment sours
The Australian dollar (AUD) weakened overnight as a souring market mood pressured the ‘Aussie’.
New Zealand dollar (NZD) declines as risk appetite fades
The New Zealand dollar (NZD) also fell last night amid the pullback in risk appetite.
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