Australian Dollar (AUD) stagnant amid sparse supply of data
The Australian Dollar (AUD) traded without a clear direction on Friday, with investors seeking other options.
Between cautious trade and minimal data, the ‘Aussie’ failed to attract much support.
Today, the Australian Dollar may struggle to find its feet due to an ongoing lack of pertinent data.
New Zealand Dollar (NZD) edges lower amid lull in data releases
The New Zealand Dollar (NZD) ticked lower at the end of last week, amid a light data calendar.
Risk appetite remained minimal over the session, which brought further headwinds to the risk-sensitive currency.
With little data to go on, the ‘Kiwi’ may endure listless trade again today.
Pound (GBP) wavers amid lack of data
The Pound (GBP) floundered throughout last Friday’s session, due to a short supply of macroeconomic data.
Additionally, a cautious start to the European session further restricted the increasingly risk-sensitive currency.
Data continues to be thin on the ground today, which may prompt Sterling to trade without direction.
Euro (EUR) undermined by cooling core inflation
The Eurozone’s latest consumer price index triggered mixed trade in the Euro (EUR) on Friday, with investors readjusting policy expectations in the wake of the release.
Headline inflation rose, though it printed below expectations, while core inflation cooled in line with forecasts. EUR wavered in response.
German data is likely to be the focus for EUR investors this evening. An expansion in Germany’s trade surplus and factory orders in November could boost EUR.
US Dollar (USD) slumps despite rising employment
After initially climbing amid a risk-off market mood on Friday, the US Dollar (USD) then slumped during the American trading hours following disappointing data.
Although the latest payrolls figure beat forecasts, downward revisions to previous months saw USD relinquish its initial gains. A far weaker-than-forecast services PMI then piled further pressure on the ‘Greenback’.
Risk appetite is likely to be the deciding factor in the US Dollar’s movement today. Bearish trade could strengthen the safe-haven currency.
Canadian Dollar (CAD) sheds gains despite upbeat PMI
The Canadian Dollar (CAD) traded in tandem with USD on Friday, initially rising before sliding during the US session. Mixed employment data and a strong Ivey PMI failed to lift the ‘Loonie’.
Oil prices are likely to be the main driver of movement for the crude-linked ‘Loonie’ today, due to a lull in data releases.
Data Releases
Jan 8th 17:00 EUR DE Balance of Trade (Nov) €17.9bn
Jan 8th 17:00 EUR DE Factory Orders (Nov) 1%
Jan 8th 20:00 EUR Economic Sentiment 94.1
Jan 8th 20:00 EUR Retail Sales (Nov) -0.3%