Pound (GBP) falls back following retail data
The pound (GBP) lost ground on Tuesday, with Sterling unable to sustain its recent gains despite stronger-than-expected Confederation of British Industry (CBI) figures.
While the CBI’s retail sales balance improved by more than forecast in May, it remained firmly in negative territory at -46.
Looking ahead, UK data is limited today. As a result, movement in Sterling could remain subdued.
Euro (EUR) directionless amid data lull
The euro (EUR) struggled to find a clear path yesterday, as an absence of Eurozone economic data left the common currency without a domestic driver.
With no notable releases to provide direction, the safer single currency wavered amid an uncertain market mood.
Eurozone data remains scarce during today’s session, potentially leaving the common currency to trade without a clear trajectory once again.
US dollar (USD) gains limited by improving sentiment
The US dollar (USD) initially found some support yesterday, as renewed geopolitical jitters boosted demand for the safe-haven currency.
However, USD’s upside was capped as risk appetite strengthened later in the session. Despite the recent US strikes on Iran, markets remained hopeful that ongoing peace talks could deliver progress.
Today, the latest weekly ADP employment change figure is due alongside a speech from Federal Reserve policymaker Lorie Logan. Could robust jobs data and hawkish remarks lend the US dollar support?
Canadian dollar (CAD) unmoved as oil prices tick higher
A modest rise in oil prices failed to boost the commodity-linked Canadian dollar (CAD) yesterday, with crude still trading below last week’s levels.
With no Canadian data scheduled for release today, oil price dynamics could drive CAD movement. A sharper increase in prices may lift the ‘loonie’.
Australian dollar (AUD) slides as inflation cools
The Australian dollar (AUD) dropped sharply overnight after Australian inflation eased more than expected in April, weakening expectations for further Reserve Bank of Australia (RBA) interest rate hikes.
New Zealand dollar (NZD) jumps after hawkish RBNZ hold
The New Zealand dollar (NZD) surged overnight after the Reserve Bank of New Zealand (RBNZ) left interest rates unchanged but strongly signalled that tighter monetary policy could be on the horizon.
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