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Bob Mason
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Earlier in the Day:

It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day, with economic data from China also in focus.

For the Aussie Dollar

Retail sales jumped by 7.1% in November versus a forecasted and prelim 7.0%, according to finalized figures. In October retail sales had risen by 1.6%.

According to the ABS,

  • A first full month of trading in Melbourne, following the lockdown, drove the jump in retail sales. Sales in the state of Victoria surged by 22.4%.
  • Excluding Victoria, retail sales rose by a more modest 2.6%.
  • Household goods retailing and other retailing rose by 12.7% and by 7.9%, with cafes, restaurants, and takeaway food services rising by 6.7%.
  • Clothing, footwear, and personal accessory retailing soared by 26.7%, with department stores retailing jumping by 21.1%.
  • Compared with November 2019, retail sales were up by 13.3%.

The Aussie Dollar moved from $0.7722 to $ 0.77180 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.80% to $0.7695.

Out of China

Inflation figures were in focus this morning.

In December, consumer prices rose by 0.7%, partially reversing a 0.6% slide from November. As a result of the pickup, inflationary pressures returned in December. Year-on-year, consumer prices were up by 0.2%, partially reversing a 0.5% decline from November.

Wholesale deflationary pressures eased at the end of the year. The Producer Price Index fell by 0.4%, following a 1.5% slide in November.

The Aussie Dollar moved from $0.77143 to $0.77100 upon release of the figures.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.24% to ¥104.19 against the U.S Dollar, with the Kiwi Dollar down by 0.83% to $0.7182.

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The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic calendar. There are no material stats to provide the EUR with direction.

The lack of stats will leave COVID-19 news in focus.

On the monetary policy front, ECB President Lagarde is scheduled to speak late in the session. Expect any monetary policy talk to provide direction.

At the time of writing, the EUR was down by 0.37% to $1.2173.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. A lack of stats leaves the Pound in the hands of COVID-19 news.

Progress on vaccinations and the number of new cases will be the main areas of focus.

At the time of writing, the Pound was down by 0.47% to $1.3504.

Across the Pond

It’s a quiet day ahead on the economic calendar. There are no material stats due out of the U.S to provide the markets with direction.

The lack of stats will leave the markets to focus on Capitol Hill.

There’s the talk of a Trump impeachment and the markets will also be looking for further details of Biden’s stimulus plans.

At the time of writing, the Dollar Spot Index was up by 0.34% to 90.401.

For the Loonie

It’s a quiet day on the economic data front, with no material stats due out to provide the markets with direction.

The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.

From the Bank of Canada, the BoC Business Outlook Survey will draw interest later in the day, however.

At the time of writing, the Loonie was down by 0.39% to C$1.751 against the U.S Dollar.

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

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