Weak Data
GBP: The British Pound stayed under pressure after new figures showed UK business activity weakened unexpectedly, especially in the services sector. Concerns about rising costs, cautious consumers and a slowing economy weighed on sentiment. However, weakness elsewhere limited sharper losses. Investors are now watching upcoming retail sales data closely, as further signs of weaker consumer spending could increase worries about the UK’s economic outlook and add fresh pressure on the Pound.
EUR: The Euro struggled to gain support after fresh business surveys pointed to a further slowdown in economic activity across the Eurozone. Weak demand, rising costs and a sharp decline in the services sector increased concerns about the region’s growth outlook. Uncertainty over future policy decisions also weighed on sentiment. Attention is now turning to Germany’s latest business confidence figures, which could influence expectations for the Eurozone economy in the weeks ahead.
USD: The US Dollar traded cautiously as investors lacked fresh economic data to guide market sentiment. Ongoing uncertainty surrounding geopolitical tensions in the Middle East provided some support for the safe-haven currency, although mixed risk appetite limited stronger gains. Attention is now focused on upcoming US consumer confidence figures, while developments in global tensions could continue influencing demand for the Dollar and shape market sentiment in the near term.
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