Australian dollar (AUD) lifted by hawkish RBA
The risk-sensitive Australian dollar (AUD) edged higher on Thursday amid an increasing appetite for risk.
The ‘Aussie’ was also underpinned by hawkish remarks by Reserve Bank of Australia (RBA) Governor Michele Bullock as she stated that the bank will likely refrain from lowering interest rates in the near term.
Looking ahead, a lack of high-impact Australian data today could see AUD driven primarily by global risk dynamics.
New Zealand dollar (NZD) supported by improving market mood
The acutely risk-sensitive New Zealand dollar (NZD) moved in tandem with its Australian counterpart on Thursday amid an absence of fresh domestic data.
Coming up, could a data-light session see a prevailing risk-on mood boost the ‘kiwi’ today?
Pound (GBP) wavers amid lull in data
The pound (GBP) was largely subdued on Thursday amid an absence of fresh UK releases.
While GBP initially enjoyed some modest tailwinds in the wake of a stronger-than-expected services PMI, Sterling ultimately struggled to attract investor support with fresh releases in short supply.
This evening, a data-light UK calendar could leave the pound muted as the week draws to a close.
Euro (EUR) wobbles despite surging German factory orders
The euro (EUR) faced headwinds on Thursday despite a surprise uptick in German factory orders in July.
Meanwhile, the release of the Eurozone’s latest retail data revealed that sales across the bloc also rebounded at the start of the third quarter. However, the safe-haven single currency struggled to climb higher amid an increasing appetite for risk.
This evening, Germany’s latest trade data is due for release. Could signs of recovery in the export-heavy economy lift EUR against its peers?
US dollar (USD) stumbles on US labour concerns
The US dollar (USD) wavered near multi-month lows on Thursday on the back of disappointing US jobs data.
The latest ADP employment change report revealed that hiring in the US private sector fell to its lowest level in over three years, reinforcing concerns about the health of the US labour market.
Today, the latest US non-farm payrolls data is due for release. Expect the US dollar to come under additional pressure if these also point to a cooling US labour market.
Canadian dollar (CAD) stymied services contraction
The Canadian dollar (CAD) faltered overnight as Canada’s latest services PMI fell for a third consecutive month.
Canada will release its latest jobs figures today. Economists expect to see a slight uptick in Canadian unemployment, which could sap the appeal of the ‘loonie’.
Data
6th Sep 16:00 EUR German Exports (Jul) 1.2%
6th Sep 19:00 EUR GDP Growth Rate (Q2) 0.3%
6th Sep 22:30 CAD Unemployment Rate (Aug) 6.5%
6th Sep 22:30 USD Non-Farm Payrolls (Aug) 160,000
6th Sep 22:30 USD Unemployment Rate (Aug) 4.2%