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Bob Mason
Bank of Canada

Earlier in the Day:

It’s was a relatively busy start to the week on the economic calendar this morning. The Aussie 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. The surge in new COVID-19 cases and some uncertainty over the outcome of the U.S Presidential Election weighed on risk sentiment early on.

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There was also the fading hope of a U.S stimulus package to add to the market angst this morning.

For the Aussie Dollar

Inflation figures for the third quarter were in focus this morning.

In the 3rd quarter, inflationary pressures returned, with an annual rate of inflation of 0.7% in the 3rd quarter. In the 2nd quarter, consumer prices had fallen by 0.3% year-on-year. Quarter-on-quarter, consumer prices rose by 1.6%, partially reversing a 1.9% slide from the 2nd quarter.

Economists had forecast an annual rate of inflation of 0.7% and a 1.5% jump in consumer prices in the quarter.

The Aussie Dollar moved from $0.71253 to $0.71186 upon release of the figures. At the time of writing, the Aussie Dollar was flat at $0.7129

Elsewhere

At the time of writing, the Japanese Yen was down by 0.05% ¥104.47 against the U.S Dollar, with the Kiwi Dollar down by 0.07% to $0.6705.

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The Day Ahead:

For the EUR

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.

A lack of stats will leave the EUR under pressure, as the markets continue to focus on the 2nd wave of the COVID-19 pandemic.

Any progress towards a Brexit deal and/or a U.S stimulus package on Capitol Hill would ease some of the pain. It may not be enough to raise the prospects of another economic meltdown in the 4th quarter, however.

At the time of writing, the EUR was down by 0.08% to $1.1786.

For the Pound

It’s another quiet day ahead on the economic calendar. with no material stats to provide the Pound with direction.

The lack of stats will leave the Pound squarely in the hands of Brexit chatter.

At the time of writing, the Pound was down by 0.03% to $1.3040.

Across the Pond

It’s a relatively quiet day ahead for the U.S Dollar.

Key stats include September goods trade figures and retail inventory numbers. We would expect the stats to have a muted impact on the Greenback, however.

The focus on the day will be on Capitol Hill and the final week of U.S Presidential Election campaigning. A narrowing in the polls in favor of Trump would be considered market negative. That is assuming that the senate election polls continue to favor the Democrats to control the house.

At the time of writing, the Dollar Spot Index was up by 0.20% to 93.122.

For the Loonie

The Bank of Canada is in action later today. As new COVID-19 cases surge across key economies, dovish chatter is to be expected.

It remains to be seen, however, whether the BoC will talk of any imminent moves. Unlikely for now, which should limit some of the damage as crude oil prices continue to fall.

At the time of writing, the Loonie was down by 0.01% to C$1.3186 against the U.S Dollar.

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

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