Sterling and Euro Slip on Economic Woes While Dollar Trends Sideways

Pound slips amid contraction in U.K. service sector activity, fueling recession fears and expectations that the Bank of England has finished raising interest rates.
Euro saw choppy trading following mixed PMI data. Manufacturing weakened more than expected while service sector score beat forecasts but still showed contraction.
U.S. Dollar lacked clear direction on Friday due to shifting risk appetite and mixed U.S. PMI results. Speech by Fed's Kashkari may support USD.
Canadian Dollar rose initially on higher oil prices but then fell as oil dipped and retail sales missed forecasts.
Australian and New Zealand Dollars declined amid weaker commodity prices.

investing.com

Relevant topic timeline:

9/13/2023

Sterling Sinks as UK Economy Shrinks More Than Expected in July

The pound weakened against the dollar as Britain's economy contracted at its sharpest rate in seven months in July due to strikes, poor weather, and the dampening effect of higher interest rates.

9/19/2023

Sterling Slips as Traders Brace for BoE and BoJ Policy Decisions This Week

The GBP/JPY is falling back to the midrange after failing to maintain a bullish push, while investors wait for Japan trade balance figures and the Bank of England's rate call.

9/21/2023

BRICS Countries Move Toward Trading in Local Currencies, Reducing Reliance on U.S. Dollar

The BRICS bloc, including countries like India, China, and Russia, is slowly reducing its dependency on the US dollar and using their local currencies for trade, which could potentially weaken the US dollar's position as the dominant global currency.

9/27/2023

EUR/GBP Pulls Back From Highs Ahead of Key EU and UK Economic Data

The EUR/GBP pulled back from recent highs and settled at 0.8660, while upcoming economic data and the ECB's economic bulletin are expected to have limited market impact.

10/1/2023

Pound's Wild Ride: From Near Parity to 16-Month High and Back Down as Economic Fortunes Diverge

The GBP-USD exchange rate has been highly volatile, with the pound nearly hitting parity with the dollar, reaching a 16-month high, and then plummeting to a six-month low, reflecting a combination of factors including the Bank of England's monetary policy decisions, the UK's economic performance, and the strength of the US dollar as a safe-haven asset.

10/4/2023

GBP/USD Rebounds on Upbeat Market Sentiment Despite Weak UK Data

Despite contracting UK economic data, the GBP/USD rebounds due to a weakening US Dollar and positive market sentiment.

10/20/2023

Pound Falls to 5-Month Low Against Euro on Weak UK Retail Sales

The pound weakened against the euro and the dollar due to concerns about the British economy, with weak retail sales data and global market sentiment contributing to the decline.

10/20/2023

GBP/USD Rises Despite Weak UK Retail Sales Data

The GBP/USD is looking to squeeze out some gains before the Friday closing bell, despite a miss for UK Retail Sales earlier in the day, benefiting from a general softening in the US Dollar.

Topics

Posted 9/25/2023, 9:32:00 AM

Sterling and Euro Slip on Economic Woes While Dollar Trends Sideways

Pound slips amid contraction in U.K. service sector activity, fueling recession fears and expectations that the Bank of England has finished raising interest rates.
Euro saw choppy trading following mixed PMI data. Manufacturing weakened more than expected while service sector score beat forecasts but still showed contraction.
U.S. Dollar lacked clear direction on Friday due to shifting risk appetite and mixed U.S. PMI results. Speech by Fed's Kashkari may support USD.
Canadian Dollar rose initially on higher oil prices but then fell as oil dipped and retail sales missed forecasts.
Australian and New Zealand Dollars declined amid weaker commodity prices.

investing.com

Relevant topic timeline:

9/13/2023

Sterling Sinks as UK Economy Shrinks More Than Expected in July

The pound weakened against the dollar as Britain's economy contracted at its sharpest rate in seven months in July due to strikes, poor weather, and the dampening effect of higher interest rates.

9/19/2023

Sterling Slips as Traders Brace for BoE and BoJ Policy Decisions This Week

The GBP/JPY is falling back to the midrange after failing to maintain a bullish push, while investors wait for Japan trade balance figures and the Bank of England's rate call.

9/21/2023

BRICS Countries Move Toward Trading in Local Currencies, Reducing Reliance on U.S. Dollar

9/27/2023

EUR/GBP Pulls Back From Highs Ahead of Key EU and UK Economic Data

The EUR/GBP pulled back from recent highs and settled at 0.8660, while upcoming economic data and the ECB's economic bulletin are expected to have limited market impact.

10/1/2023

Pound's Wild Ride: From Near Parity to 16-Month High and Back Down as Economic Fortunes Diverge

10/4/2023

GBP/USD Rebounds on Upbeat Market Sentiment Despite Weak UK Data

Despite contracting UK economic data, the GBP/USD rebounds due to a weakening US Dollar and positive market sentiment.

10/20/2023

Pound Falls to 5-Month Low Against Euro on Weak UK Retail Sales

The pound weakened against the euro and the dollar due to concerns about the British economy, with weak retail sales data and global market sentiment contributing to the decline.

10/20/2023

GBP/USD Rises Despite Weak UK Retail Sales Data

The GBP/USD is looking to squeeze out some gains before the Friday closing bell, despite a miss for UK Retail Sales earlier in the day, benefiting from a general softening in the US Dollar.