The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
Both AUD and NZD advanced last week, with the Australian dollar finding particular support on Thursday as Australia’s latest retail sales figures saw sales growth rocket from 0.5% to 1.2% in November, helping to allay fears over consumer spending in the second half of 2017.
Meanwhile, the New Zealand Dollar found itself a little directionless again last week due to a lull in notable domestic data, with the currency’s gains largely being derived from weakness in the US dollar and an uptick in commodity prices.
Looking ahead, the New Zealand dollar may strengthen in the first half of this week’s session if prices continue ticking higher at the latest global dairy auction, although a possible dip in the domestic manufacturing PMI could undermine any gains later in the week.
Meanwhile, the focus for AUD investors this week will be on the publication of Australia’s latest labour report on Thursday, with the ‘Aussie’ potentially falling if employment slows as forecast in December.
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