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Sterling and Euro faced a sharp drop today after alarming PMI readings unveiled an unanticipated rapid decline in the service sectors of both the UK and Eurozone. The days of service-driven economic growth seem to be in the rearview mirror, with signs indicating probable contractions in the third quarter for both regions. Canadian Dollar also felt the weight, taking a hit after core retail sales showed a larger-than-expected contraction, making it the day's third weakest currency.

A more tranquil week on the data front.

Dollar continues to strengthen today, bolstered by prevailing risk-off sentiment that has carried over from US to Asian markets. The surge in benchmark 10-year yields is providing additional support to the greenback, as even Euro has finally conceded a near-term support level against Dollar, further affirming the underlying momentum. Meanwhile, the foreign exchange markets elsewhere are mixed inside yesterday's range. Sterling remains relatively indecisive as investors keenly await BoE rate decision. Elements of surprise, including the size of the interest rate hike, voting dynamics, and ...

Sterling falls significantly today following BoE's decision to raise interest rates by only 25bps. This cautious, along with Governor Andrew Bailey's clear indication that a 50bps hike was not on the table, has resulted in substantial pressure on the Pound. Meanwhile, currency markets remain mixed elsewhere, with Canadian and US Dollar on the softer side, while Japanese Yen stages a recovery. Swiss Franc and Euro have seen some uplift due to purchases against the faltering Pound. Australian and New Zealand Dollars have exhibited mixed behavior.

ASIA: