A Busy Economic Calendar Puts the GBP, the Loonie, and the USD in Focus

Earlier in the Day:

It was a quieter start to the Asian session. Inflation figures from China were in focus ahead of a busy day ahead.

From China

In January, China’s annual rate of inflation softened from 1.5% to 0.9%, versus a forecasted 1.0%. Month-on-month, consumer prices rose by 0.4%, reversing a 0.3% decline from December. Economists had forecast a 0.5% increase.

Wholesale inflationary pressures also softened. In January, China’s annual wholesale rate of inflation softened from 10.3% to 9.1%. Economists had forecast a rate of 9.5%.

The Aussie Dollar moved from $0.71494 to $0.71464 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.03% to $0.7150.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.07% to ¥115.690 against the U.S Dollar, with the Kiwi Dollar down by 0.09% to $0.6634.

The Day Ahead

For the EUR

It’s a quieter day ahead, with Eurozone industrial production figures for December in focus. Weak numbers could test support for the EUR early in the session.

At the time of writing, the EUR was down by 0.12% to $1.1345.

For the Pound

It’s a relatively busy day ahead, with inflation figures for January in focus. With the markets expecting further rate hikes, a pickup in inflationary pressure would provide a boost for the Pound.

At the time of writing, the Pound was up by 0.01% to $1.3540.

Across the Pond

Core retail sales and retail sales figures for January will be the key stats of the day. With inflationary hitting a 40-year high, the markets will be looking to gauge the impact of inflation on consumption. Other stats include industrial production figures that should have a muted impact on the Dollar.

On the monetary policy front, the FOMC meeting minutes will likely to be the key driver, however.

At the time of writing, the U.S Dollar Spot Index was up by 0.07% to 96.054.

For the Loonie

January inflation figures will be the key stats of the day. Other stats include manufacturing and wholesale sales figures. We don’t expect too much interest in these numbers, however.

At the time of writing, the Loonie was down by 0.02% to C$1.2721 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.