FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
62,533,738Confirmed
1,457,314Deaths
43,159,349Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
US Economy

Earlier in 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.

Advertisement

For the Kiwi Dollar

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,

  • Imports fell NZ$5.9bn in the September 2020 year, the size of the decline compared to the slide seen during the GFC.
  • Crude oil imports led the way, falling NZ$1.7bn, with car imports sliding by NZ$1.1bn.
  • These were partially offset by increased imports of warships, face masks, and laptops.
  • The total value of goods exports for the September 2020 year rose NZ$1.2bn from 2019.
  • Exports of milk powder, butter, and cheese (NZ$1.4bn), beef (NZ$433m), and gold kiwifruit (NZ$377m) drove exports.
  • The annual trade surplus was the largest since 2014, with current levels attributed to a continued fall in imports.

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.

Elsewhere

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.

Advertisement

The Day Ahead:

For the EUR

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.

For the Pound

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.

Across the Pond

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.

For the Loonie

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US