A Quiet Economic Calendar Leaves the ECB and the EUR in the Spotlight

Earlier in the Day:

It was a relatively quiet start to the day on the economic calendar this morning. Inflation figures from China were in focus this morning.

From China

In August, the annual rate of inflation softened from 1.0% to 0.8%, with consumer prices rising by just 0.1% in the month. Both sets of figures fell short of forecasts.

By contrast, however, the annual wholesale rate of inflation accelerated from 9.0% to 9.5%. Economists had forecast for the annual wholesale rate of inflation to hold steady at 9.0%.

The Aussie Dollar moved from $0.73548 to $0.73528 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.12% to $0.73552.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.05% to ¥110.190 against the U.S Dollar, while the Kiwi Dollar was down by 0.13% to $0.7090.

The Day Ahead

For the EUR

It’s a big day ahead on the economic calendar.  Early in the day, trade data from Germany will be in focus. We don’t expect July figures to have a material impact, however.

The ECB monetary policy decision and all-important press conference will be the main event of the day. Uncertainty over the economic outlook has tested the EUR early in the week. Expect any hawkish outlook and plans to begin taking the foot of the gas to support a EUR breakout.

At the time of writing, the EUR was down by 0.01% to $1.1815.

For the Pound

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

The lack of stats will continue to leave the Pound in the hands of market risk sentiment on the day.

At the time of writing, the Pound was down by 0.08% to $1.3760.

Across the Pond

It’s a relatively quiet day ahead on the economic data front. Weekly jobless claims will be in focus later in the day.

Following the disappointing NFP numbers, a marked fall in claims would reignite talks of a nearer term shift in policy.

At the time of writing, the U.S Dollar Spot Index was up by 0.10% to 92.749.

For the Loonie

It’s a particularly quiet day ahead for the Loonie.

There are no material stats due out to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.

At the time of writing, the Loonie was down by 0.12% to C$1.2706 against the U.S Dollar.

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