A Quiet Economic Calendar Leaves COVID-19 to Test the Risk Appetite

Bob Mason
Published: Jul 8, 2020, 02:21 GMT+00:00

A lack of economic data will leave the markets in the hands of COVID-19 updates and any chatter from China or the U.S...

Currency exchange board

Earlier in the Day:

It was a particularly quiet start to the day on the economic calendar. Japan’s current account figures for May were all that the markets had to consider from the calendar.

Away from the economic calendar risk-off sentiment through the European and U.S session tested the majors early on.

COVID-19 remains a key risk as the number of new cases continues to rise amidst efforts to reopen economies.

Looking at the latest coronavirus numbers

On Tuesday, the number of new coronavirus cases rose by 227,176 to 11,940,258. On Monday, the number of new cases had risen by 177,554. The daily increase was higher than Monday’s rise and 201,507 new cases from the previous Tuesday.

Germany, Italy, and Spain reported 776 new cases on Tuesday, which was down from 1,876 new cases on Monday. On the previous Tuesday, 934 new cases had been reported.

From the U.S, the total number of cases rose by 67,655 to 3,096,516 on Tuesday. On Monday, the total number of cases had increased by 45,706. On Tuesday, 30th June, a total of 53,471 new cases had been reported.

For the Japanese Yen

Japan’s current account surplus rose from ¥0.263tn to ¥1.177tn in May. Economists had forecast surplus of ¥1.088tn.

The Japanese Yen moved from ¥107.561 to ¥107.643 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.14% to ¥107.67 against the U.S Dollar.


At the time of writing, the Aussie Dollar was down by 0.16% to $0.6936, with the Kiwi Dollar down by 0.06% to $0.6542.

The Day Ahead:

For the EUR

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

Geopolitics and market sentiment towards the recent spike in new COVID-19 cases will leave the EUR exposed to any risk aversion.

At the time of writing, the EUR was up by 0.01% to $1.1275.

For the Pound

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

With Brexit negotiations in focus this week, expect plenty of updates that could rock the Pound. Risk sentiment may have a greater influence, however, as the Pound builds resilience against the Brexit chatter…

At the time of writing, the Pound was up by 0.06% to $1.2550.

Across the Pond

It’s also a particularly quiet day ahead for the U.S Dollar. There are no material stats to provide the Dollar and the broader market with direction.

That leaves COVID—19 and geopolitics in focus on the day, which tends to be a bad thing for riskier assets…

At the time of writing, the Dollar Spot Index was up by 0.09% to 96.966.

For the Loonie

It’s also a quiet day ahead on the calendar. With no material stats due out, the Loonie will be in the hands of the weekly crude oil inventory numbers and risk sentiment.

At the time of writing, the Loonie was down by 0.01% to C$1.3605 against the U.S Dollar.

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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