Pound (GBP) flat ahead of BoE decision
The pound (GBP) traded in a narrow range on Monday, with little in the way of fresh drivers to inspire movement.
Sterling also lacked direction as investors kept to the sidelines in anticipation of the Bank of England’s (BoE) upcoming interest rate announcement.
Looking to today, GBP may struggle for momentum if July’s finalised PMIs confirm a slowdown in the UK’s services industry.
Euro (EUR) softens on gloomy sentiment data
The euro (EUR) weakened at the start of the week, following underwhelming Eurozone investor confidence data.
The sharp drop in morale was attributed to disappointment surrounding the recently agreed EU-US trade deal.
Turning to today, the euro could find some support if June’s producer price index shows a stronger-than-forecast rise in factory gate inflation.
US dollar (USD) dips amid data credibility concerns
The US dollar (USD) faced headwinds yesterday, with Friday’s dire payrolls report still weighing heavily on the currency.
Adding to the dollar’s woes were doubts about the reliability of US data, after President Trump dismissed the head of the Bureau of Labor Statistics (BLS).
Looking ahead, the ISM services PMI could offer the ‘greenback’ a boost today if July’s reading signals robust growth.
Canadian dollar (CAD) subdued as crude retreats
The Canadian dollar (CAD) faced selling pressure on Monday, as a significant drop in oil prices dampened demand for the ‘loonie’.
Should crude prices remain under pressure today, CAD is likely to stay on the defensive.
Australian dollar (AUD) buoyed by Chinese data
The Australian dollar (AUD) fluctuated in overnight trade but finished the Asian session firmer following an upbeat Caixin services PMI from China.
New Zealand dollar (NZD) retreats on risk aversion
The New Zealand dollar (NZD) initially firmed overnight, before reversing course as a risk-off mood took hold in global markets.
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