Pound (GBP) steady after Chancellor outlines growth plans
The pound (GBP) was broadly stable at the beginning of this week following John Healey’s major speech as UK Chancellor.
Healey struck an optimistic tone as he set out the government’s plans to drive economic growth, although he also declined to rule out further tax increases in his upcoming budget.
With the UK economic calendar looking quiet, Sterling could remain influenced by broader market trends today.
Euro (EUR) subdued as German factory output slumps
The euro (EUR) struggled to gain traction on Monday following the publication of Germany’s latest industrial production figures.
July’s data revealed a shock decline in factory output, more than offsetting the impact of upwardly revised Eurozone GDP figures.
Meanwhile, the euro is finding some modest support this morning after Germany reported its biggest trade surplus in two years.
US dollar (USD) subdued amid quiet trading
The US dollar (USD) lacked a clear direction at the start of this week, with trading activity in the currency subdued.
US markets were shut for the extended Labor Day weekend on Monday, limiting liquidity in the currency.
Looking ahead to today’s session, the US dollar could attract fresh demand as persistent geopolitical uncertainty fuels safe-haven flows.
Canadian dollar (CAD) strengthens as crude prices climb
The commodity-linked Canadian dollar (CAD) moved broadly higher on Monday as global oil prices climbed back above $97 per barrel.
The ‘loonie’ could extend its gains today if crude prices continue to move higher and provide support for the oil-sensitive currency.
Australian dollar (AUD) weakened by confidence slump
The Australian dollar (AUD) edged lower overnight on Monday after Australia’s latest consumer and business confidence indexes both pointed to a deterioration in sentiment.
New Zealand dollar (NZD) retreats amid risk aversion
The New Zealand dollar (NZD) fell overnight as a cautious market mood diminished demand for the risk-sensitive ‘kiwi’.
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