It's a relatively busy day ahead. Economic data from the U.S, COVID-19 updates, and U.S politics are the key drivers on the day.
It’s was a busier start to the week on the economic calendar this morning. The Kiwi Dollar was in action in the early part of the day.
Away from the economic calendar, U.S politics and COVID-19 continued to be an area of focus.
New Zealand’s trade deficit widened from NZ$282m to NZ$1,017m in September. Compared with September 2019, the trade surplus widened from NZ$1,420m to NZ$1,710m.
According to NZ Stats,
The Kiwi Dollar moved from $0.66755 to $0.66717 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.04% to $0.6681.
At the time of writing, the Japanese Yen was up by 0.05% ¥104.79 against the U.S Dollar, with the Aussie Dollar down by 0.03% to $0.7121.
It’s a relatively quiet day ahead on the economic calendar. Key stats include jobseeker figures out of France, which will likely have a muted impact on the EUR.
The markets will be looking for further updates on COVID-19 and Brexit to provide direction on the day.
While Brexit is a key influencer, the reintroduction of lockdown measures and an upward trend in new COVID-19 cases remains EUR negative.
At the time of writing, the EUR was up by 0.09% to $1.1821.
It’s a quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction.
The lack of stats will continue to leave the Pound squarely in the hands of Brexit chatter. Hopes are of Macron to shift position on UK fisheries, which would support a Brexit trade deal.
At the time of writing, the Pound was up by 0.03% to $1.3028.
It’s a relatively busy day ahead for the U.S Dollar.
Key stats include September durable goods orders and October’s consumer confidence figures.
Expect both sets of numbers to influence risk sentiment.
Away from the economic calendar, U.S politics and COVID-19 will also need monitoring throughout the day.
At the time of writing, the Dollar Spot Index was down by 0.07% to 92.980.
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of U.S politics and COVID-19 ahead of tomorrow’s BoC monetary policy decision.
While the markets expect the BoC to stand pat, a 2nd wave of the global COVID-19 pandemic could deliver a more dovish outlook. A reintroduction of lockdown measures is expected to weigh on crude oil prices and ultimately the Loonie.
At the time of writing, the Loonie was up by 0.11% to C$1.3197 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.