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Sterling Finds Support from UK Services Data

Pound News: UK Services Report Surprises

Yesterday saw the publication of Britain’s final December services PMI, which beat projections of a contraction and printed at 50.0. The data was a nice surprise and gave Sterling a boost.

No notable UK data will be published today, leaving the Pound to react to potential developments in Brexit or UK politics.

 

Euro News: EUR Strengthened by Eurozone Data

The Euro climbed as yesterday’s major Eurozone ecostats, including German retail sales and Eurozone services PMIs, largely beat forecasts.

Key Eurozone data is due throughout this week. Today’s Eurozone inflation and retail sales results could bolster the Euro if they impress.

 

US Dollar News: US-Iran Tensions Pressure USD

US-Iran tensions are keeping the pressure on the US Dollar.

Many major US ecostats will be published this week, starting with today’s non-manufacturing PMI from ISM. If the data disappoints, the US Dollar could extend losses.

 

Canadian Dollar News: Oil Prices Continue to Rise

The Pound was unable to advance as heavily against the Canadian Dollar as other major currencies yesterday. Prices of oil, Canada’s biggest export, continue to climb amid US-Iran tensions, supporting CAD.

This week’s Canadian economic calendar will be a little busier. Canadian trade balance and Ivey PMI data are in focus today.

 

Australian Dollar News: Market Risk-Aversion Leaves ‘Aussie’ Plummeting

Due to the Australian Dollar’s correlation to risk-sentiment, the surge in risk-aversion inspired by US-Iran tensions has led to an Australian Dollar selloff. The Australian Dollar was unable to benefit from some stronger than projected Australian data as a result.

Market sentiment is likely to remain the focus for AUD investors until later in the week when Australian trade balance and retail sales data will be published.

 

Upcoming Data

Tuesday, 7th January

08:30    German Construction PMI

10:00    Eurozone Retail Sales

10:00    Eurozone Inflation Rate

13:30    Canadian Trade Balance

13:30    US Trade Balance

15:00    Canadian Ivey PMI

15:00    US Factory Orders

15:00    US Non-Manufacturing PMI

 

James Spurway
Director of Sales and Dealing

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