Pound (GBP) slides as retail data disappoints
The pound (GBP) lost ground at the end of last week, following a disappointing UK retail sales release.
Although the June figures showed an improvement after May’s steep decline, the rebound missed forecasts, leaving the currency on the back foot.
Looking ahead, the Confederation of British Industry’s distributive trades index is due for release this morning. Should it signal another sharp drop in retail activity, Sterling could face further downside pressure.
Euro (EUR) climbs on upbeat trade outlook
The euro (EUR) strengthened on Friday amid optimism that a transatlantic trade deal could soon be finalised.
The single currency also continued to buoyed by the European Central Bank’s (ECB) latest rate decision and President Christine Lagarde’s relatively hawkish messaging.
With EU and US leaders confirming a trade agreement over the weekend, the euro is poised to extend its gains during today’s session.
US dollar (USD) gains on easing trade tensions
The US dollar (USD) enjoyed solid support on Friday, buoyed by hopes that recent bilateral trade accords will avert renewed tariff clashes this week.
Further boosting USD exchange rates were robust PMI readings on Thursday, which highlighted unexpectedly strong demand across the private sector.
At the start of this week, USD sentiment remains upbeat, with recent trade deal progress continuing to underpin the currency.
Canadian dollar (CAD) strengthens on oil gains
The Canadian dollar (CAD) advanced at the end of last week as climbing oil prices lifted the appeal of the commodity-tied currency.
With little domestic data on the calendar, CAD’s near-term momentum is likely to be dictated by ongoing oil market movements.
Australian dollar (AUD) dips on firming USD
The Australian dollar (AUD) began the week under pressure, retreating in early trade as rising US dollar demand sapped appetite for riskier assets.
New Zealand dollar (NZD) weakens amid cautious mood
The New Zealand dollar (NZD) also slipped overnight, with traders pulling back from risk-sensitive currencies in a risk-averse trading environment.
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