A Quiet Economic Calendar Leaves COVID-19 News and Central Bank Chatter in Focus

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar, Japanese Yen, and the Kiwi Dollar were in action this morning.

For the Kiwi Dollar

Electronic retail card spending rose by 0.90% in June, following a 1.7% increase in May. Economists had forecast 1.1% rise.

According to NZ Stats,

• Spending on consumable goods delivered the upside in the month of June.
• Compared with May, spending on consumables rose by 1.8%.
• For the June quarter, spending rose by 4.5%, when compared with the March quarter.

The Kiwi Dollar moved from $0.70067 to $0.70064 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.13% to $0.6991.

For the Aussie Dollar

Building permits fell by 7.1% in May, which was worse than a forecasted 5.1% slide. In April, permits had declined by 5.7%.

According to the ABS,

• Private sector house approvals tumbled by 10.3%, while private sector dwellings excluding houses rose 1.2%.

The Aussie Dollar moved from $0.74786 to $0.74741 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.19% to $0.74740.

For the Japanese Yen

Machinery orders increased by 7.80% in May, following a 0.6% rise in April. Economists had forecast a 2.30% rise. Year-on-year, orders were up 12.20% versus a forecasted 6.0% rise. In April, orders had been up by 6.5%.

The Japanese Yen moved from ¥110.218 to ¥110.224 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.08% to ¥110.050 against the U.S Dollar.

The Day Ahead

For the EUR

It’s a particularly quiet day ahead on the economic data front. There are no material stats for the markets to consider on the day.

The lack of stats will leave market sentiment towards the continued spread of the Delta variant and central bank chatter in focus.

At the time of writing, the EUR was flat at $1.1876.

For the Pound

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

With the spread of the Delta variant accelerating, any government plans to contain the spread will impact.

At the time of writing, the Pound was up by 0.01% to $1.3903.

Across the Pond

There are no material stats to provide the Greenback and the broader markets with direction later in the day.

A lack of stats will leave the Dollar in the hands of market risk sentiment and FOMC member chatter.

At the time of writing, the Dollar Spot Index was down by 0.05% to 92.087.

For the Loonie

It’s a particularly quiet day ahead on the economic data front. There are no material stats to provide the Loonie with direction.

With the BoC in action this week, the markets will be looking ahead following some impressive employment figures from last week.

Market risk sentiment and crude oil prices will impact, however.  Expect the Loonie to come under fire should concerns over the sustainability of the global economic recovery resurface.

At the time of writing, the Loonie was down by 0.10% to C$1.2460 against the U.S Dollar.

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