A quiet day on the economic calendar leaves Brexit news and chatter from Trump and Capitol Hill in focus.
It’s was a relatively busy start to the day on the economic calendar this morning. The Japanese Yen and Aussie Dollar were in action, with economic data from China also in focus.
Away from the economic calendar, chatter from the U.S also provided direction in the early part of the Asian session. Hopes of further U.S COVID-19 relief stimulus drove demand for riskier assets early in the day. The risk-on sentiment led to an early pullback in the Greenback.
Household spending figures were in focus. In August, spending rose by 1.7%, month-on-month, falling short of a forecasted 3.2% rise. In July, spending had slumped by 6.5%.
Year-on-year, spending slid by 6.9%, following a 7.6% tumble in July. Economists had also forecast a 6.9% fall.
According to the Statistic Bureau,
The Japanese Yen moved from ¥106.024 to ¥106.018 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.16% ¥105.86 against the U.S Dollar
The RBA released its financial stability review early this morning. Highlights from the review included:
The Aussie Dollar moved from $0.71689 to $0.71699 upon release of the review that preceded China’s services PMI.
The service sector was in focus this morning. September’s Caixin Service PMI rose from 54.0 to 54.8. Economists had forecast a fall to 53.0.
According to the September survey,
The Aussie Dollar moved from $0.71771 to $0.71817 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.22% to $0.7181.
At the time of writing, the Kiwi Dollar was up by 0.41% to $0.6604.
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.
A lack of stats will leave the EUR in the hands of geopolitics and market risk sentiment. U.S Presidential Election campaign chatter, updates from Capitol Hill, and Brexit will likely be the key drivers on the day.
At the time of writing, the EUR was up by 0.14% to $1.1775.
It’s a particularly busy day ahead on the economic calendar. Key stats include August GDP and manufacturing production figures. Industrial production and trade data, also due out, will likely have a muted impact on the Pound.
Away from the economic calendar, however, expect Brexit to continue to be a key driver.
At the time of writing, the Pound was up by 0.13% to $1.2955.
It’s a particularly quiet day ahead for the U.S Dollar. There are no material stats to provide the Dollar with direction.
A lack of stats will leave the focus on COVID-19 stimulus updates and U.S Presidential Election news.
The Dollar Spot Index was down by 0.13% to 93.482 at the time of writing.
It’s a relatively busy day ahead. September employment figures are due out later today. Expect the numbers to influence.
At the time of writing, the Loonie was up by 0.08% to C$1.3186 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
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.