Pound (GBP) dips amid end-of-week profit taking
The pound (GBP) slipped back on Friday, as a round of profit-taking prompted investors to cash in on recent Sterling gains.
This followed notable gains earlier in the week, supported by stronger-than-forecast UK data and reinforced expectations of a hawkish stance from the Bank of England (BoE).
Looking ahead, with a quiet domestic calendar in the first half of the week, Sterling is expected to take its cues from broader market sentiment.
Euro (EUR) lifted by optimism ahead of Trump-Putin talks
The euro (EUR) edged higher during Friday’s European session, as cautious hopes grew ahead of a planned meeting between US President Donald Trump and Russian President Vladimir Putin.
Trump warned he would impose ‘severe economic’ sanctions if the talks failed to secure a ceasefire.
However, the euro may face pressure early this week, with attention turning to Trump’s subsequent meeting with Ukrainian President Volodymyr Zelenskiy later today.
US dollar (USD) stumbles as consumer confidence weakens
The US dollar (USD) ended last week under pressure, after the University of Michigan’s consumer sentiment index revealed morale slipped to a three-month low in August.
This compounded losses from earlier in the session, fuelled by optimism surrounding the Trump-Putin summit.
Looking forward, USD trade may remain muted at the start of this week, with investors awaiting Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium.
Canadian dollar (CAD) softens as crude prices extend losses
The Canadian dollar (CAD) weakened on Friday, dragged lower by further declines in oil markets.
With no major Canadian releases due today, price action in the ‘loonie’ will likely remain dictated by movements in crude.
Australian dollar (AUD) supported by modest risk appetite
The Australian dollar (AUD) gained ground during Monday’s Asian session, as the risk-sensitive currency benefited from a slight improvement in global market sentiment.
New Zealand dollar (NZD) climbs on improved risk tone
The New Zealand dollar (NZD) also firmed overnight, lifted by the uptick in risk appetite.
Never miss a movement. Create a free account with TorFX to get the latest currency news delivered straight to your inbox. You can also set up rate alerts and check live rates 24/7.