Pound Sterling

Pound weakens on UK PMI’s as strengthening USD limits risk-correlated currencies

Pound News: Sterling Weakens on Disappointing UK Retail Sales

The Pound has weakened today following the release of the latest retail sales figures from the UK for May. Retail sales fell -1.4%, missing market expectations of a 1.6% rise as consumers pushed supermarkets aside for restaurants.

Heading into the weekend, Pound investors will be keeping an eye on any further coronavirus developments to drive movement in GBP. Next week will see the Bank of England’s (BoE) interest rate decision which could provide much needed support to the Pound Sterling.

Euro News: Euro Weakens on Strengthening US Dollar

The Euro has weakened today following a strengthening US Dollar. The negative correlation between the pairing means that EUR has suffered during today’s session. A lack of notable data has done nothing to support the single currency heading into the weekend.

The latest flash Markit PMI figures from Germany, the Eurozone’s largest economy, could see the Euro head higher next week.

US Dollar News: US Dollar Strengthens on Federal Reserve Commentary

The US Dollar has climbed today amid increasing US treasury yields and a risk-aversion mood. Following the Federal Reserve’s latest interest rate decision and hawkish commentary surrounding hiking rates earlier in the week, the ‘Greenback’ has gone from strength to strength.

Heading into next week, the preliminary Markit PMI’s from the US could give the USD a further boost. While not as influential as the ISM PMI’s, the figures should give an indication into how the US economy is performing.

Canadian Dollar News: CAD Knocked as Investors Sell-Off Commodity-Correlated Currencies

The Canadian Dollar has been cautiously trading for much of the day as investors sell-out of the commodity-correlated ‘Loonie’ and oil prices weaken.

Australian Dollar News: ‘Aussie’ Weakens on Sour Market Mood

The Australian Dollar has been trending lower today as a rising risk-off mood and a strengthening US Dollar does little to support the ‘Aussie.’

Investors will be keeping an eye on the global market mood over the weekend, as a further resurgence in the US Dollar could see AUD plummet.