It's a busy day ahead on the economic calendar. Economic data from the Eurozone, Canada, and the U.S will be in focus today.
It was a busy quiet start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action in the early part of the day. Later this morning, the Aussie Dollar will also be in focus.
Consumer confidence and housing sector data were in focus this morning.
In June, building permits rose by 3.8%, reversing a 2.40% slide in May. Economists had forecast a 1.10% decline.
Of greater significance, however, was a modest fall in consumer confidence.
In July, the ANZ Consumer Confidence Index fell from 114.0 to 113.1. Economists had forecast a decline to 113.0.
According to the July survey,
The Kiwi Dollar moved from $0.70039 to $0.70162 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.01% to $0.7011.
Industrial production increased by 6.2% in June, according to prelim figures, reversing most of a 6.5% slide from May. Economists had forecast a 5.1% increase.
According to the Ministry of Economy, Trade and Industry,
According to the Ministry of Economy, Trade and Industry, retail sales increased 3.1%, reversing a 0.4% decline from May. Economists had forecast a 3.6% slide.
The Japanese Yen moved from ¥109.416 to ¥109.402 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.05% to ¥109.420 against the U.S Dollar.
Wholesale inflation and private sector credit figures will draw interest.
On the inflation front, the annual wholesale rate of inflation is forecast to accelerate from 0.2% to 3.5%.
Quarter-on-quarter, economists have forecast for the producer price index to rise by 2.1%, following a 0.4% increase in the 1st quarter.
At the time of writing, the Aussie Dollar was flat at $0.7396.
It’s a particularly busy day ahead on the economic data front, with the 2nd quarter GDP numbers, consumer spending, and inflation in focus.
French, German, and Eurozone 1st estimate GDP numbers for the 2nd quarter will be the key stats of the day, however.
At the time of writing, the EUR was up by 0.03% to $1.1891.
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats leaves the IMF’s growth forecasts for the UK, delivered earlier in the week, to continue to resonate.
At the time of writing, the Pound was up by 0.05% to $1.3966.
It’s a busy day ahead on the economic calendar.
Personal spending and inflation figures for June together with finalized consumer sentiment figures for July will be in focus.
Barring any marked revisions to prelim consumer sentiment figures, expect the personal spending and inflation figures to be key.
Following the FED’s policy decision on Wednesday, any FOMC member chatter will also need monitoring.
On Thursday, the U.S Dollar Spot Index ended the day down by 0.50% to 91.864.
It’s also a busy day on the economic calendar. Wholesale inflation, RMPI, and GDP numbers will be in focus.
With a lack of stats through much of the week, expect Loonie sensitivity to today’s numbers.
Away from the economic calendar, crude oil prices and market risk sentiment will also influence.
At the time of writing, the Loonie was down by 0.01% to C$1.2449 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.