Pound (GBP) mixed as investors lock in gains
The pound (GBP) traded unevenly at the start of this week, with investors taking some profits and Sterling giving back part of its previous session’s gains.
The retreat was relatively contained, however, as the pound found support from an upward revision to September’s services PMI.
With little significant UK economic data due today, Sterling could lack a clear catalyst and remain largely rangebound through the session.
Euro (EUR) sinks amid escalating French debt concerns
The euro (EUR) fell to fresh multi-month lows on Monday as growing anxiety over France’s sizeable debt burden continued to weigh on the single currency.
Political tensions in France have added to these concerns, with the government facing strong resistance to its proposed budget, which seeks to rein in spending and reduce the deficit.
Further pressure could be in store for the euro today after Germany’s latest industrial data revealed a worrying plunge in factory orders during August.
US dollar (USD) supported by defensive market mood
The US dollar (USD) attracted widespread demand yesterday as a more risk-averse market environment increased appetite for the safe-haven currency.
However, the ‘greenback’ surrendered some of its gains later in the session after the latest US services PMI came in below expectations for September.
The US dollar could nevertheless retain its upward momentum today if cautious sentiment continues to dominate financial markets.
Canadian dollar (CAD) lifted by stronger crude prices
The Canadian dollar (CAD) edged higher on Monday as a renewed rally in global oil prices provided support to the commodity-linked currency.
The ‘loonie’ could build on this advance today should Brent crude maintain its upward trajectory.
Australian dollar (AUD) pressured by weaker consumer confidence
The Australian dollar (AUD) traded with some volatility during Tuesday’s Asian session as an unsettled market tone coincided with a decline in Australian consumer confidence.
New Zealand dollar (NZD) volatile amid shifting risk appetite
The New Zealand dollar (NZD) also experienced a choppy overnight session as changing levels of market risk appetite influenced demand for the ‘kiwi’.
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