Australian Dollar (AUD) flat amid lack of data
Yesterday saw the Australian Dollar (AUD) trade without a clear direction, owing to a short supply of data.
Additionally, the People’s Bank of China (PBoC) left the loan prime rate unchanged, disappointing AUD investors. This likely put additional pressure on the ‘Aussie’, which trades as a proxy for the Chinese economy.
Today, AUD may weaken if Australian business confidence remained low in January, as is currently forecast.
New Zealand Dollar (NZD) unmoved amid absence of data drivers
The New Zealand Dollar (NZD) similarly wavered on Monday, due to a lull in macroeconomic data releases.
This prevented the ‘Kiwi’ from gathering support against its peers.
NZD may see volatile trade today, as investors digest the latest service sector PSI, reflecting December’s activity.
Pound (GBP) undermined by recession fears
The Pound (GBP) began the week on unsteady footing, as recession anxieties continued to simmer.
Analysts believe the UK likely entered a technical recession at the end of 2023, which sapped sentiment towards GBP.
Due to a lack of data, Sterling could remain rangebound over today’s session.
Euro (EUR) wobbles amid minimal data
Variable trade affected the Euro (EUR) on Monday, as a minimal slate of data undermined the currency’s appeal.
Due to a wavering market mood, the safer common currency was unable to attract support as investors remained quiet.
Tonight, the Eurozone’s latest consumer confidence index may drive movement in the Euro. If consumers in the bloc remained pessimistic this month, EUR may struggle to attract support.
US Dollar (USD) undermined by unsteady market mood
Due to fluctuating risk appetite, the US Dollar (USD) saw relatively static trade during Monday’s session.
With little in the way of data for investors to consider, USD exchange rates remained muted over the day’s trade.
Owing to a light data calendar, the ‘Greenback’ could trade sideways again during today’s session. Any shifts in market mood could prompt clearer movement in the safe-haven currency.
Canadian Dollar (CAD) wavers despite rising oil prices
Despite climbing oil prices, the Canadian Dollar (CAD) remained flat against its rivals on Monday.
Crude prices may be the core catalyst of movement for the ‘Loonie’ today. If prices rise again, CAD may be able to gain some ground.
Data Releases
Jan 24th 01:00 EUR Consumer Confidence Flash (Jan) -14.3