Pound (GBP) quiet as local elections get underway
The pound (GBP) traded mostly sideways yesterday as people across England headed out to vote in local elections.
Although the policy implications are limited, the prospect of a bruising result for Labour reminded some investors of the political instability that has plagued the UK in recent years.
With UK economic data absent from the calendar today, Sterling may trade without a clear direction.
Euro (EUR) softens as USD ticks higher
The euro (EUR) wavered lower yesterday as Wednesday’s upbeat GDP figures failed to provide EUR with sustained support.
A rise in the US dollar (USD) put some pressure on the euro during the European trading session, as a lack of data left the common currency without support.
Looking ahead, the Eurozone’s CPI figures are in the spotlight. Cooling inflation could see EUR slump, while signs of sticky price pressures would likely underpin the euro.
US dollar (USD) buoyed by US-China trade hopes
The US dollar strengthened yesterday as hopes for a US-China trade deal lifted the ‘greenback’.
After China signalled that it was open to trade talks with America, US Treasury Secretary Scott Bessent indicated he was confident that the two sides could negotiate a deal.
Today, USD investors will be focused on April’s non-farm payrolls figure. Could a sharp slowdown in new job creation see the ‘greenback’ end the week on a sour note?
Canadian dollar (CAD) zig-zags in tandem with oil prices
The crude-linked Canadian dollar (CAD) fluctuated yesterday as oil prices wavered, with CAD regaining initial losses as oil prices recovered in the afternoon.
Canadian economic data is in short supply today, potentially leaving CAD exchange rates to be driven by oil prices and USD movements.
Australian dollar (AUD) boosted by easing trade tensions
The Australian dollar (AUD) jumped overnight as AUD investors celebrated the news that the US has approached China seeking trade talks.
New Zealand dollar (NZD) firms amid risk-positive trade
Likewise, the New Zealand dollar (NZD) rose last night amid the improvement in the market mood.
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