Pound (GBP) directionless in absence of data
The pound (GBP) spent Friday moving in step with broader risk appetite, with no major UK data releases to offer traders firmer guidance.
This left the increasingly risk-sensitive currency climbing against safe-haven rivals but losing ground to riskier peers.
With the UK calendar still looking sparse at the start of the new week, the pound may continue to drift without a decisive driver.
Euro (EUR) softens despite upgraded growth figures
The euro (EUR) edged lower against many counterparts on Friday, even after third-quarter Eurozone GDP was revised slightly higher.
A buoyant market mood weighed on the single currency, while unease around ongoing tensions with Russia added further pressure.
Germany’s latest industrial production reading could provide some relief this morning. Output surged 1.8% in October rather than shrinking as projected, which may help steady EUR sentiment.
US dollar (USD) stays weak as investors favour risk
The US dollar (USD) remained on the back foot at the end of last week, holding near its weakest levels in a month as traders turned towards riskier assets.
An upbeat consumer sentiment report offered the greenback some late support, although not enough to reverse the day’s overall direction.
The only US release due today is the update on consumer inflation expectations. A projected slowdown for November may exert light pressure on USD ahead of the Federal Reserve’s policy decision on Wednesday.
Canadian dollar (CAD) rallies after surprise improvement in jobs data
The Canadian dollar (CAD) jumped on Friday after Canada’s jobless rate unexpectedly dropped from 6.9% to 6.5%, confounding forecasts for a rise to 7%.
With no Canadian figures on the docket today, movements in oil prices could steer CAD. Firmer crude prices may give the commodity-linked currency additional momentum.
Australian dollar (AUD) holds firm on strong Chinese trade numbers
The Australian dollar (AUD) hovered around multi-week highs overnight, buoyed by robust trade data from China that helped underpin demand for the currency.
New Zealand dollar (NZD) struggles for direction in uneven sentiment
The New Zealand dollar (NZD) began the week lacking a clear trend, shifting cautiously as markets balanced pockets of optimism against lingering uncertainty.
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