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Bob Mason
Forex Markets Currency Trading Concept.

Earlier in the Day:

The economic calendar was relatively quiet through the Asian session this morning.

Economic data was limited to August inflation figures out of Japan that had a muted impact on the majors.

Later in the session, the PBoC was also in action.

For the Japanese Yen

The annual rate of inflation eased from 0.6% to 0.3% August according to figures released by the Ministry of Internal Affairs and Communication. Economist had forecast a 0.6% rate of inflation.

The annual rate of core inflation came in at 0.5% in August, which was in line with forecast, whilst down from 0.6% in July.

The Japanese Yen moved from ¥108.038 to ¥108.021 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.08% to ¥107.93 against the U.S Dollar.

Out of China

The PBoC cut the 1-year loan prime rate from 4.25% to 4.20%, which less than a forecasted 4.15%. The 5-year LPR was left unchanged at 4.85%.

Elsewhere

At the time of writing, the Kiwi Dollar was down by 0.22% to $0.6288, while the Aussie Dollar was down by 0.12% to $0.6784.

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The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic calendar. Economic data is limited to German wholesale inflation and the Eurozone’s September consumer confidence figures.

With stats on the lighter side and the Eurozone economy reliant upon consumer spending, we can expect the EUR to be sensitive to the consumer confidence numbers.

Outside of the numbers, geopolitical risk will continue to influence throughout the day, with Brexit continuing to grab the headlines.

At the time of writing, the EUR was up by 0.10% to $1.1052.

For the Pound

It’s a quiet day ahead on the data front. There were no material stats due out of the UK to provide the Pound with direction.

On the geopolitical front, Brexit will continue to have a material impact on the Pound. The British government submitted alternatives to the Irish backstop on Wednesday. Any hint of a possible solution would give the Pound a boost.

At the time of writing, the Pound was up by 0.05% to $1.2532.

Across the Pond

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

A lack of stats will leave the Greenback in the hands of geopolitical risk through the day and FOMC member chatter. FOMC members Williams and Rosengren are scheduled to speak this afternoon.

The Dollar Spot Index was up by 0.02% to 98.287 at the time of writing.

For the Loonie

It’s a relatively busy day ahead on the economic calendar. July retail sales figures are due out of Canada later this afternoon.

While we can expect plenty of influence from the numbers, crude oil prices will also influence on the day.

The markets will also need to monitor any chatter from the U.S on Iran. It’s been on the quieter side from the Oval Office… More sanctions may be on the way, but no military action?

The Loonie was down by 0.09% at C$1.3272, against the U.S Dollar, at the time of writing.

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