Currency markets were relatively unmoved yesterday, with any moves swiftly cancelled out by minor corrections. That came in the absence of much market-moving data, but the drifting undercurrent of risk served to sharpen minds for challenges ahead.
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Far from easing itself into the new week, the US dollar was on the wrong end of some pressure on Monday. Subdued manufacturing data combined with Friday’s figures helped convince some traders that the Federal Reserve was being…
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With the spotlight on the ECB later this week, the euro was looking for direction on Monday. EUR/USD showed some strength, but that belies what will be intense scrutiny on Thursday’s policy meeting.
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GBP/USD started the week by climbing around last week’s highs. Those levels were themselves the highest against the US dollar in around two months, although a further climb might be dependent on a more radical rethink of interest…
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The US dollar got off to a sluggish start to the week after manufacturing activity edged lower in May. ISM manufacturing PMI fell from 49.2 in April to 48.7 — the second consecutive month-on-month fall — as new…
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Sterling starts the week exactly where it began last week, but two-thirds of a percent up on the start of May and 1% up on this time last year. Against the dollar you can double most of those…
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Consumer spending rose by 0.2% in April, well down from March’s 0.7% growth. With income also on a downward trajectory, that prompted some US dollar softness on Friday afternoon.
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Thursday and Friday’s inflation news gave the ECB pause for thought. The euro briefly climbed as the prospect of rate cuts appeared diminished, but that appeared to be something of a kneejerk reaction. Whatever happens, the euro is…
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