Daily FX Report – US Employment Data In Focus

GBP: The British Pound remained relatively flat yesterday morning, influenced by a lack of new UK data and an uncertain market sentiment. With limited key UK releases, GBP movement is likely to be driven by broader market risk factors. For now, Tuesday’s stronger-than-expected services PMI is providing some support to Sterling in the absence of significant updates.

 

EUR: The Euro saw a slight boost yesterday following the release of Germany’s July factory orders data. The index outperformed expectations, declining from 4.6% to 2.9%, rather than the predicted -1.5%, offering some mild support to the Euro as trading began today.

 

USD: Meanwhile, the U.S. Dollar continues to struggle ahead of crucial U.S. jobs data due this afternoon. Investors remain cautious, avoiding bold moves on the greenback due to concerns over the U.S. labour market. Signs of further weakening in the sector could negatively impact the USD.