The euro is rising to two-week highs against the dollar despite Italy’s referendum vote on reducing the power of the Senate being easily defeated. This may be because investors were mostly expecting the election outcome and because the latest business activity data this morning showed stronger-than-expected growth from Germany and the broader Eurozone.
The pound is dipping despite strong UK service sector growth in November, perhaps as Brexit-related uncertainty returns after Italy’s vote.
Stateside, the US dollar is also trading lower as investors await this morning’s business activity readings for November.
Elsewhere, the Australian dollar is sliding as investors await tonight’s Reserve Bank of Australia interest rate decision, where the RBA is expected to hold interest rates steady. The Canadian dollar is mostly unchanged despite oil prices rising above $52 per barrel.
EURUSD: The euro is rising despite Italy’s “no” vote, perhaps thanks to the Eurozone’s strong business activity results out this morning.
GBPUSD: The pound is trading lower despite strong UK service sector growth.
AUDUSD: The Aussie dollar is down as investors await tonight’s RBA decision.
USDCAD: The Canadian dollar is mostly unchanged despite oil prices rising.