Pound (GBP) mixed amid lack of data
The pound (GBP) traded without a clear trajectory yesterday, as an absence of UK economic data left Sterling lacking direction.
While the increasingly risk-sensitive UK currency gained ground against some of its safer rivals, it struggled to advance against higher-yielding peers.
Looking ahead, the UK’s final PMI releases could weigh on the pound today, if they confirm a sharp slowdown in the country’s crucial services sector last month.
Euro (EUR) muted in spite of rising inflation
The euro (EUR) also traded in a narrow range yesterday, with EUR investors appearing largely unmoved by the Eurozone’s latest consumer price index.
The CPI figures showed that inflation accelerated last month. However, with the data broadly matching market forecasts, it did little to shift European Central Bank (ECB) interest rate expectations.
Weak PMI releases could pressure the euro today. However, a sharp rise in Eurozone producer price inflation may help limit any losses, if it bolsters bets on an ECB rate hike next week.
US dollar (USD) recovers on positive jobs data
The US dollar (USD) initially softened yesterday, as a cautiously upbeat market mood dented demand for safe-haven currencies.
However, USD was able to claw back ground in the afternoon following the latest Job Openings and Labor Turnover Survey (JOLTS), which revealed a rise in vacancies in April.
Today brings the ADP employment change figure and ISM services PMI for May. Strong results could lend support to USD exchange rates.
Canadian dollar (CAD) wobbles amid oil volatility
The Canadian dollar (CAD) endured choppy trade yesterday, with the commodity-linked currency moving in tandem with a volatile oil market.
Canada’s latest PMI results could weigh on CAD today, if they show private sector activity remained in contraction territory, fuelling concerns over the country’s economic outlook.
Australian dollar (AUD) falls following underwhelming GDP
The Australian dollar (AUD) weakened overnight, after fresh data showed Australian GDP slowed more than expected in the first quarter of 2026.
New Zealand dollar (NZD) retreats amid anxious mood
The New Zealand dollar (NZD) also slipped overnight, as renewed strikes in the Middle East dampened appetite for the risk-sensitive currency.
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