Pound (GBP) boosted by stronger GDP
The pound (GBP) rose against many of its rivals yesterday following stronger-than-expected UK GDP figures.
The preliminary figures showed that the British economy grew 0.7% in the first three months of 2025, up from 0.1% in the previous quarter and beating forecasts for a 0.6% expansion.
Turning to today, the pound ends the week amid a lack of economic data. Therefore, Sterling may trade without a clear directional bias.
Euro (EUR) muted as GDP revised lower
The euro (EUR) was mixed during Thursday’s session, with a downward revision to Eurozone first-quarter GDP putting some pressure on the single currency.
However, the euro’s safe-haven status and negative correlation with a weaker US dollar (USD) spared the currency from any notable losses.
Speeches from European Central Bank (ECB) policymaker Piero Cipollone and Chief Economist Philip Lane could affect EUR today, with any dovish comments likely to weigh on the common currency.
US dollar (USD) pressured by Fed rate cut bets
The US dollar fell against its stronger rivals yesterday amid a slight uptick in Federal Reserve interest rate cut bets, although an anxious mood cushioned USD against riskier peers.
Mixed data added to uncertainty around the US dollar. American retail sales beat forecasts in April, although they still showed a dramatic slowdown in sales growth.
The focus for USD investors today will be the University of Michigan’s latest consumer sentiment report. Could an improvement in morale in May support the US dollar?
Canadian dollar (CAD) falls in tandem with oil
The crude-linked Canadian dollar (CAD) weakened against its stronger counterparts yesterday as a fresh drop in oil prices weighed on the ‘loonie’.
Amid an ongoing lack of impactful Canadian data, US-Canada trade concerns and oil price dynamics may drive CAD movement today.
Australian dollar (AUD) rises as risk appetite returns
The Australian dollar (AUD) recovered last night as an improving market mood boosted the risk-sensitive ‘Aussie’.
New Zealand dollar (NZD) boosted by positive PMI
The New Zealand dollar (NZD) also rallied overnight, thanks to a stronger-than-expected manufacturing PMI and a risk-on market mood.
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