Daily Analysis: Quiet End to the Week as Traders Await Fresh Catalysts

Our daily analysis of EUR, GBP and USD.

DAILY ANALYSIS

USD

• The Dollar remains steady this morning as traders await the latest U.S. inflation figures, expected to confirm price growth edging above 3% in September.
• Market sentiment remains cautious following renewed U.S. trade tensions with China and Canada, leaving investors hesitant to take large positions ahead of the CPI release.
• EUR/USD trades around 1.1610 this morning, marginally up from yesterday morning.

EUR

• The Euro continues to trade within tight ranges as markets look to Eurozone PMI data for fresh direction. Business activity is expected to soften slightly in October, limiting demand for the single currency.
• Sentiment improved modestly after Eurozone consumer confidence rose to an eight-month high in October, supported by easing inflation and lower borrowing costs.
• EUR/GBP is trading up slightly at .8720 this morning.

GBP

• Sterling received early support from stronger-than-expected UK retail sales, which rose 0.5% in September compared to an anticipated decline of 0.2%, reflecting resilient consumer activity.
• The gains were short-lived, however, as markets remain focused on the Bank of England’s cautious tone and the potential for further rate cuts before year-end.
• GBP/USD is trading around 1.3310 this morning.

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