After a busy early part of the day, economic data from the Eurozone, Canada, and the U.S will draw interest later today. COVID-19 will also remain an area of focus.
It was a busier start to the day on the economic calendar this morning. The Kiwi Dollar, the Aussie Dollar, and the Japanese Yen were in action this morning. There was also economic data from China in focus.
Industrial production fell by 2.1% in February, partially reversing a 4.3% rise in January. Economists had forecast for a 1.2% decline.
According to the Ministry of Economy, Trade and Industry,
The Japanese Yen moved from ¥110.329 to ¥110.328 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.20% to ¥110.58 against the U.S Dollar.
Business confidence was in focus early this morning.
In March, the ANZ Business Confidence Index declined from 7.0 to 0.0.
According to the latest ANZ Report,
The Kiwi Dollar moved from $0.69912 to $0.69899 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.11% to $0.6989.
Private sector credit figures drew attention this morning.
Private sector credit increased by in February. In January, total private sector credit had risen by 0.2%.
According to the RBA,
Building approvals impressed, surging by 21.6% in February. In January approvals had tumbled by 19.4%.
The Aussie Dollar moved from $0.76104 to $0.76116 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.18% to $0.7611.
NBS Private sector PMI figures for March were in focus this morning.
The NBS Manufacturing PMI increased from 50.6 to 51.9. Service sector activity also picked up in March. The services PMI rose from 51.4 to 56.3.
The Aussie Dollar moved from $0.76088 to $0.76123 upon release of the figures.
It’s a busier day ahead on the economic calendar. French consumer spending and German unemployment figures are due out in the early part of the European session.
With parts of France reentering lockdown, we would expect the consumer spending figures to have a limited impact on the EUR.
Later in the day, prelim inflation figures for France, the Eurozone, and Italy are also due out.
With sensitivity over inflation lingering, the Eurozone numbers will influence.
Away from the economic calendar, COVID-19 news updates from the Eurozone will remain an area of focus.
At the time of writing, the EUR was flat at $1.1717.
It’s a relatively quiet day ahead on the economic calendar. Finalized 4th quarter GDP numbers area due out of the UK. Barring a marked downward revision, however, we don’t expect the numbers to have a material impact on the Pound.
Government plans to ease lockdown measures and news updates on vaccinations remain key near-term.
At the time of writing, the Pound was down by 0.03% to $1.3736.
It’s a busier day ahead on the economic calendar. ADP employment change figures are due out along with Chicago PMI numbers for March.
Expect the ADP numbers to have a greater impact on the day. The markets are looking for a continued improvement in labor market conditions.
Pending home sales figures for February are also due out but would likely have a muted impact on the Dollar.
Away from the economic calendar, geopolitics and chatter from Capitol Hill will remain areas of focus.
At the time of writing, the Dollar Spot Index was down by 0.02% to 93.277.
It’s a busier day ahead on the economic calendar. January GDP and February RMPI numbers are due out late in the session.
Expect both sets of numbers to influence.
Also, in focus will be crude oil inventory numbers from the U.S.
At the time of writing, the Loonie was up by 0.13% to C$1.2617 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.