Pound (GBP) rangebound amid lack of UK data
The pound (GBP) traded sideways on Thursday as the absence of any major UK economic releases left investors with little fresh direction.
At the same time, UK bond yields were broadly unchanged, offering little additional support or pressure for Sterling.
With the domestic economic calendar remaining sparse today, the pound may continue to drift without a clear trend into the weekend.
Euro (EUR) upside limited by disappointing sales figures
The euro (EUR) advanced yesterday, drawing support from its inverse relationship with the US dollar (USD).
However, gains for the single currency were restrained after Eurozone retail sales came in weaker than expected.
Looking ahead, the publication of the Eurozone’s latest GDP estimate is expected to show economic growth remained sluggish in the first quarter, which could curb EUR demand through today’s session.
US dollar (USD) retreats amid improving market sentiment
The US dollar (USD) came under pressure on Thursday as a brighter market mood reduced demand for traditional safe-haven assets.
Investors grew cautiously hopeful that a fresh ceasefire arrangement between Israel and Lebanon might pave the way for broader peace discussions involving the US and Iran.
Attention now turns to the latest US non-farm payrolls report. If employment growth remained robust last month, expectations for a more hawkish Federal Reserve could strengthen and help the US dollar finish the week on firm footing.
Canadian dollar (CAD) pressured by weaker oil prices
The Canadian dollar (CAD) ticked lower on Thursday as declining oil prices weighed on the commodity-linked currency.
Canada’s latest employment figures are also due for release today, with the ‘loonie’ vulnerable to further losses if labour market conditions softened again last month.
Australian dollar (AUD) slips amid cautious sentiment
The Australian dollar (AUD) fell back during Friday’s Asian session as a more cautious market environment reduced support for risk-sensitive currencies.
New Zealand dollar (NZD) weighed down by cautious mood
The New Zealand dollar (NZD) also came under pressure overnight as investors adopted a more risk-averse stance.
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