Australian Dollar (AUD) claws back losses but remains low
The Australian Dollar (AUD) continued to edge higher at the end of last week as an improving market mood supported the risk-sensitive ‘Aussie’.
However, AUD still ended the week lower overall.
With Australian data thin on the ground today, risk appetite could drive most movement in the ‘Aussie’.
New Zealand Dollar (NZD) dented by weak manufacturing PMI
The New Zealand Dollar (NZD) ended last week’s session wavering near multi-week lows following
downbeat PMI data.
The latest survey showed that manufacturing activity in New Zealand unexpectedly slipped deeper into contraction last month.
New Zealand data is in short supply today. Therefore, NZD could trade primarily on market mood.
Pound (GBP) slides as UK retail sales plunge
The Pound (GBP) faced heavy selling pressure on Friday as a sharp slump in UK retail sales sparked recession fears.
British sales growth plunged by 3.2% in December, far worse than the expected decline of 0.5%.
In the absence of any upcoming UK data releases, Sterling may struggle to find a clear direction during today’s trade.
Euro (EUR) pressured by German PPI
The Euro (EUR) ended last week’s session without a clear direction.
A larger-than-forecast contraction in German producer price inflation put some pressure on EUR, seeing it slip against its stronger rivals.
The common currency could be driven by risk sentiment today. A cautious mood could see EUR climb against its riskier rivals.
US Dollar (USD) wavers as sentiment shifts
The US Dollar (USD) also traded in a mixed capacity at the end of last week due to a choppy market mood.
As risk sentiment shifted
throughout the day, so did the safe-haven ‘Greenback’.
Market risk dynamics may drive the US Dollar through today’s session. If sentiment sours, the ‘Greenback’ could strengthen.
Canadian Dollar (CAD) firms as oil prices rise
The crude-linked Canadian Dollar (CAD) found success at the end of last week’s session, thanks to oil prices ticking higher.
Oil price dynamics may continue to be the key factor for the ‘Loonie’ during today’s session. Will another rise in prices boost CAD?