Yesterday was a fairly subdued day throughout currency markets with the US dollar fighting back following a moderate pullback against several currencies. The pound’s sharp fall last week has largely been retraced but the GBPUSD pair is struggling to find traction above the $1.36 handle. The EURUSD pair appears locked in a tight trading range revolving around the $1.16 figure.
This week’s progress on the US debt ceiling issue as well as the latest NFP report will drive sentiment as we head further into October. For the moment, the greenback is quietly consolidating but we could be due for another leg higher in the world’s reserve currency should the aforementioned factors prove to have positive outcomes.
Today’s calendar is slim. German factory orders and eurozone retail sales will feature in the morning while US ADP data will be the highlight across the afternoon session.
Written by Viv Savani. 8:28am, October 6th 2021
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