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Bob Mason
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Earlier in the Day:

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

For the Japanese Yen

Trade data was in focus this morning and drew plenty of interest ahead of the start of the Olympic Games.

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According to figures released by the  Ministry of Finance, Japan’s trade balance rose from a ¥189.4bn deficit to a ¥383.2bn surplus. Economists had forecast a surplus of ¥400bn.

  • Exports were up 48.6% year-on-year in June, down marginally from a 49.6% rise in May.
    • To the U.S, exports surged by 85.5%, with exports to Western Europe up 50.0%.
    • Exports to China increased by 27.7% year-on-year.
  • Imports increased by 32.7% in June, year-on-year. In May, imports had been up by 27.9%.

In response to the numbers, the Japanese Yen moved from ¥109.920 to ¥109.896 against the Dollar. At the time of writing, the Japanese Yen was down by 0.04% to ¥109.890 against the U.S Dollar.

For the Aussie Dollar

All-important retail sales figures were also in focus this morning.

In June, retail sales fell by 1.8%, month-on-month, according to prelim figures. In May, retail sales had risen by 0.4%.

According to the ABS,

  • Food retailing (+1.5%) was the only industry to see a rise in June.
  • By state, Victoria (-3.5%) and New South Wales (-2.0%) led the decline, with both states imposing stay-at-home orders for part of the month.

The Aussie Dollar moved from $0.73296 to $0.73220 upon release of the numbers. At the time of writing, the Aussie Dollar was down by 0.15% to $0.7319.

Elsewhere

At the time of writing, the Kiwi Dollar was flat at $0.69180.

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The Day Ahead

For the EUR

It’s another quiet day ahead on the economic data front. There are no major stats to provide the EUR with direction.

The lack of stats will leave industrial production figures from Italy and COVID-19 news in focus.

At the time of writing, the EUR was down by 0.05% to $1.1775.

For the Pound

It’s another particularly quiet day ahead on the economic calendar, with no major stats from the UK to consider later today.

The lack of stats will continue to leave COVID-19 in focus. While the government has removed restrictions, a further spike in new cases could further derail market optimism near-term.

At the time of writing, the Pound was down by 0.04% to $1.3622.

Across the Pond

It’s a quiet day ahead on the economic calendar. There are no major stats to provide the Greenback with direction in what has been a quiet start to the week.

The lack of stats will leave market risk sentiment as the key driver near-term.

At the time of writing, the Dollar Spot Index was up by 0.03% to 92.999.

For the Loonie

It’s also quiet day ahead on the economic calendar, with economic data limited to housing sector numbers.

We don’t expect the numbers to influence, however, leaving crude oil inventories and market risk sentiment as key drivers.

At the time of writing, the Loonie was down by 0.08% to C$1.2692 against the U.S Dollar.

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

 

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