Pound (GBP) softens following disappointing GDP
The pound (GBP) stumbled yesterday after the UK’s latest GDP data missed market forecasts.
Although the UK economy recovered in November, GDP came in at a meagre 0.1%, below expectations for 0.2% growth.
Sterling is facing fresh pressure today following the latest UK retail sales figures. Sales growth unexpectedly contracted last month, printing at -0.3% rather than 0.4%.
Euro (EUR) buoyed by risk-off mood
The euro (EUR) rose against some of its weaker rivals yesterday as a gloomy mood supported the safer single currency.
However, an uptick in the US dollar (USD) and the prospect of more interest rate cuts from the European Central Bank (ECB) maintained pressure on EUR.
Looking forward, the Eurozone’s finalised inflation figures are due out this morning. Any revisions to the preliminary figure could impact the single currency.
US dollar (USD) rises despite weaker retail sales
The US dollar firmed yesterday as a risk-off market mood provided USD with safe-haven flows.
Weaker-than-forecast US retail sales put a lid on the ‘greenback’ in the afternoon, with sales growth slowing to 0.4% in December. However, USD was able to hold on to its earlier gains.
This afternoon, the latest US industrial production figures are out. Could a recovery in output last month support the US dollar?
Canadian dollar (CAD) dented by falling oil prices
The crude-linked Canadian dollar (CAD) struggled yesterday as a sharp decline in oil prices pressured the currency.
Oil price dynamics may continue to drive movement in the Canadian dollar today amid a lack of domestic data.
Australian dollar (AUD) subdued despite upbeat Chinese data
The Australian dollar (AUD) was muted overnight, despite a flurry of positive economic data from China, as a pessimistic mood in Australian markets stifled AUD’s potential.
New Zealand dollar (NZD) slips amid downbeat PMI
The New Zealand dollar (NZD) fell overnight as the latest New Zealand manufacturing PMI came in worse than expected, showing a deepening contraction in factory activity last month.
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