Brexit and COVID-19 Remain Key Drivers. U.S Stats Put the U.S Economy in Focus

Earlier in the Day:

It’s was a quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day.

Away from the economic calendar, Brexit and COVID-19 news updates also influenced.

For the Aussie Dollar

In November, total credit increased by 0.10%, month-on-month.

According to the RBA,

• Housing credit rose by 0.3%, following a 0.3% increase in October.
• Personal credit was flat, following a 0.7% slide in October.
• Business credit continued to decline, however. In November, business credit fell by 0.2%, following a 0.3% decline in October.
• Year-on-year, total credit was up by 1.7%, which was down from 2.4% in November 2019.
• Personal credit weighed heavily, tumbling by 12.4%, year-on-year.

The Aussie Dollar moved from $0.75380 to $0.75355 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.21% to $0.7539,

Elsewhere

At the time of writing, the Kiwi Dollar was up by 0.01% to $0.7041, with the Japanese Yen up by 0.09% to ¥103.55 against the U.S Dollar.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. Finalized 3^rd quarter GDP numbers are due out of Spain in the early part of the session.

We don’t expect the numbers to influence the EUR, however, with Brexit and COVID-19 in focus as the holidays approach.

At the time of writing, the EUR was up by 0.09% to $1.2174.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats to consider through the day, leaving the Pound in the hands of Brexit news.

At the time of writing, the Pound was up by 0.19% to $1.3386.

Across the Pond

It’s a busy day ahead on the economic calendar. Key stats include weekly jobless claims, November inflation, personal spending figures, and durable goods orders.

Following disappointing retail sales figures last week, the Dollar could find further support should today’s figures also disappoint.

Ultimately, the jobless claims figures will have the greatest impact, with another rise likely to test support for riskier assets

Finalized consumer sentiment and November new home sales figures are also out but will likely have a muted impact on the Greenback.

Away from the economic calendar, COVID-19 news updates will need monitoring on the day.

At the time of writing, the Dollar Spot Index was down by 0.11% to 90.557.

For the Loonie

It’s a relatively quiet day ahead on the economic data front. October GDP figures are due out that will provide the Loonie with direction.

With the Bank of Canada in a holding pattern, today’s numbers would need to be dire, however, to shift sentiment towards monetary policy.

Expect crude oil inventory numbers to also provide direction on the day.

At the time of writing, the Loonie was up by 0.07% to C$1.2899 against the U.S Dollar.

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