A Quiet Economic Calendar Leaves Central Bank Chatter in Focus

Earlier in the Day:

It was a particularly quiet start to the day on the economic calendar this morning. There were no major stats for the markets to consider in the early hours.

With no stats to consider, the markets had an opportunity to respond to Friday’s U.S nonfarm payrolls.

Over the weekend, trade data for China also influenced, however.

In October, China’s U.S Dollar trade surplus widened from US$66.76bn to US$84.54bn. Economists had forecast a narrowing to US$65.55bn.

• Year-on-year, exports were up 27.7% versus a forecasted 24.5%. In September, exports had risen by 28.1%.

Imports increased by 20.6%, versus a forecasted 25.0%. Imports had risen by 17.6% in September.

In response, the Aussie Dollar struck an early morning high $0.74140 before falling back to sub-$0.74 levels. At the time of writing, the Aussie Dollar was down by 0.04% to $0.7397.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.04% to ¥113.450 against the U.S Dollar, with the Kiwi Dollar down by 0.03% to $0.7115.

The Day Ahead

For the EUR

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

The lack of stats will leave the EUR in the hands of market risk sentiment and central bank chatter.

ECB member Lane is scheduled to speak late in the European session.

At the time of writing, the EUR was down by 0.01% to $1.1566.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no major stats due out of the UK to provide the Pound with direction.

The lack of stats will leave the Pound in the hands of market risk sentiment.

At the time of writing, the Pound was down by 0.07% to $1.3489.

Across the Pond

It’s a quiet day ahead on the economic calendar.

There are no material stats due out to provide the Dollar and the broader markets with direction.

On the monetary policy front, FED Chair Powell is scheduled to speak. We don’t expect a shift from the transitory script on inflation. Other FOMC members may have a different take ahead of inflation figures on Tuesday and Wednesday.

FOMC members Clarida and Bowman are due to speak late in the U.S session.

On Friday, the U.S Dollar Spot Index slipped by 0.03% to end the day at 94.320.

For the Loonie

It’s a quiet day ahead. There are no material stats due out of Canada to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of crude oil prices and market risk sentiment.

Upbeat trade data from China should deliver early support.

At the time of writing, the Loonie was up by 0.02% to C$1.2454 against the U.S Dollar.

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