Pound (GBP) directionless amid lack of data
The pound (GBP) was mixed yesterday as a lack of UK data left the currency trading without a clear direction.
This saw the increasingly risk-sensitive pound rise against its safer peers while slipping elsewhere.
UK data remains in short supply today, potentially leaving the pound to trade without a clear direction once again.
Euro (EUR) subdued in risk-positive trade
The safer euro (EUR) slipped against its stronger counterparts yesterday amid the risk-on mood.
However, EUR was cushioned by its negative trading relationship with the falling US dollar (USD).
Market-moving Eurozone data remains absent from the calendar today, potentially leaving the euro to trade on risk dynamics and USD movement.
US dollar (USD) falls amid upbeat mood
The US dollar struggled yesterday, with a risk-on mood dampening demand for the safe-haven ‘greenback’.
USD was also undermined by a slight increase in bets on a 25bps interest rate cut from the Federal Reserve this month.
US data remains absent from the calendar today, potentially leaving the ‘greenback’ to be driven by market risk dynamics.
Canadian dollar (CAD) mixed on USD and oil correlation
The Canadian dollar (CAD) was mixed yesterday. CAD’s correlation with USD pulled the currency lower, while rising oil prices supported the crude-linked ‘loonie’.
With Canadian data once again thin on the ground, oil price dynamics could drive the Canadian dollar today.
Australian dollar (AUD) tumbles as RBA shifts tone
The Australian dollar (AUD) slumped overnight in the wake of the Reserve Bank of Australia (RBA) interest rate decision. While the RBA left rates unchanged, it softened its language, leading to a selloff in AUD.
New Zealand dollar (NZD) falls alongside AUD
The New Zealand dollar (NZD) fell in tandem with the ‘Aussie’ overnight, due to NZD’s correlation with AUD.
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