Economic Data and the ECB Puts the EUR in the Spotlight, with the Dollar also in Focus

Earlier in the Day:

It was a quiet start to the day on the economic calendar this morning. There were no material stats to provide the markets with direction.

The lack of stats left the markets to respond to private sector PMIs from Europe and the U.S from Wednesday.

For the Majors

At the time of writing, the Japanese Yen was down by 0.13% to ¥108.87 against the U.S Dollar. The Aussie Dollar was up by 0.25% to $0.7601, with the Kiwi Dollar up by 0.24% to $0.6979.

The Day Ahead:

For the EUR

It’s a relatively busy day ahead on the economic calendar. German consumer confidence figures for April are due out going into the European open.

Expect plenty of interest in the numbers. Consumption remains key to a sustained economic recovery. With vaccine shortages and a fresh spike in new COVID-19 cases, a fall in confidence would further test the EUR.

Later in the morning, the ECB Economic Bulletin will also be a key driver. Following the FED’s bullish economic outlook, how the ECB views the Eurozone economic outlook will be telling.

Unlike the U.S, Eurozone member states have had to contend with a 3^rd wave of the pandemic amidst vaccine shortages.

ECB President Lagarde will also draw attention in a scheduled speech later in the day.

At the time of writing, the EUR was up by 0.03% to $1.1816.

For the Pound

It’s a particularly 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 leave the Pound in the hands of market risk sentiment on the day.

At the time of writing, the Pound was up by 0.07% to $1.3696.

Across the Pond

It’s a relatively busy day ahead on the economic calendar. Weekly jobless claims figures and finalized 4^th quarter GDP numbers will also be in focus. Expect the jobless claims figures to be the main area of focus late in the day.

At the time of writing, the Dollar Spot Index was up by 0.06% to 92.583.

For the Loonie

It’s yet another quiet 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 market risk sentiment on the day.

At the time of writing, the Loonie was up by 0.06% to C$1.2571 against the U.S Dollar.

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