Australian Dollar (AUD) Rallies amid Upbeat Market Mood
Despite a lull in local economic data, the Australian Dollar (AUD) rose over the course of last Friday’s session.
The market mood improved substantially amid growing speculation that the Federal Reserve is finished raising interest rates, which pushed AUD exchange rates higher.
The ‘Aussie’ may see volatility this morning, as investors react to the latest TD-MI inflation gauge. Could a 0.2% increase boost Reserve Bank of Australia (RBA) interest rate hike bets?
New Zealand Dollar (NZD) Rises amid Renewed Market Vigour
Although data releases were in short supply, the New Zealand Dollar (AUD) benefitted greatly from last Friday’s cheery session.
As risk appetite increased during the day’s trade, the ‘Kiwi’ garnered support from bullish investors.
The ‘Kiwi’ may trade within narrow boundaries today, due to a lack of data drivers on offer for NZD investors.
Pound (GBP) Soars amid Bullish Trade
The Pound (GBP) roared higher last Friday, as the bullish market mood intensified over the session.
Despite a lack of data, and pared back Bank of England (BoE) rate hike bets, the increasingly risk-sensitive Pound skyrocketed. As risk-on trade took root, GBP exchange rates soared.
UK data releases are in short supply today, which may restrict sentiment towards Sterling.
Euro (EUR) Climbs as US Dollar Crumbles
Despite downbeat German data, the Euro (EUR) managed to gain ground against many of its peers during the end of last week’s session.
The US Dollar (USD) began to crater at the end of the European session, which allowed EUR to climb due to the currencies’ negative correlation.
This evening, the Euro could falter if German factory orders for September fell as forecast.
US Dollar (USD) Nosedives amid Dismal Employment Data
After a tepid start, the US Dollar began to crash during last Friday’s trade, following dismal employment data.
Non-farm payrolls for October printed significantly below forecasts, indicating a sharp slowdown in the number of private sector jobs created. Further pressure mounted on USD later in the session as the ISM services PMI slowed below forecasts.
Today, the ‘Greenback’ may struggle to find its footing, as macroeconomic releases are thin on the ground.
Canadian Dollar (CAD) Slides as Unemployment Rises
Following a larger-than-forecast increase in Canada’s unemployment rate for October, the Canadian Dollar (CAD) slumped against its peers last Friday.
The crude-linked ‘Loonie’ is likely to trade in tandem with oil prices today, due to a lack of other data releases.
Data Releases
Nov 6th 10:00 AUD TD-MI Inflation Gauge (Oct) 0.2%
Nov 6th 17:00 EUR DE Factory orders (Sep) -1%