Economic Data from Germany and the BoC Put the EUR and the Loonie in Focus

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar was in action this morning, with economic data from the China also in focus.

For the Aussie Dollar

In June, the Westpac Consumer Sentiment Index fell by 5.2% to 107.2, The fall in June followed on from a 4.8% decline in May.

According to the latest Westpac Report,

• 2 consecutive monthly declines followed a jump to an 11-year high in April.
• Concerns over a 2-week lockdown in Melbourne weighed on consumer sentiment.
• All components of the index were in decline in June.
• Economic conditions next 12-months slid by 10.3%, with family finances vs a year ago down by 8.5%.
• The unemployment expectations index rose by 8.2% but was still down by 14.8% year-on-year.

The Aussie Dollar moved from $0.77427 to $0.77421 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.08% to $0.7736.

From China

Inflation figures also drew attention.

In May, the annual rate of inflation ticked up from 0.9% to 1.3%. Economists had forecast an annual rate of inflation of 1.6%. Month-on-month, consumer prices fell by 0.2%, following a 0.3% decline in April.

Wholesale inflationary also accelerated. The annual rate of wholesale inflation accelerated from 6.8% to 9.0%. Economists had forecast an annual rate of wholesale inflation of 8.5%.

The Aussie Dollar moved from $0.77417 to $0.77426 upon release of the figures.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.01% to ¥109.49 against the U.S Dollar, while the Kiwi Dollar was down by 0.06% to $0.7196.

The Day Ahead

For the EUR

It’s a quieter day ahead on the economic data front. The German economy is back in focus, with trade data for April due out later this morning.

With little else to focus on ahead of tomorrow’s ECB policy decision and press conference, we can expect the numbers to influence.

At the time of writing, the EUR was up by 0.06% to $1.2180.

For the Pound

It’s another quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.

At the time of writing, the Pound was flat at $1.4157.

Across the Pond

It’s also a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Dollar and the broader markets with direction.

The lack of stats will leave updates from Capitol Hill in focus.

At the time of writing, the Dollar Spot Index was up by 0.01% to 90.084.

For the Loonie

It’s a quiet day ahead on the economic data front, with no major stats to consider.

The BoC is in action, however, which will certainly provide the Loonie with direction.

Following hawkish chatter last time around, will there be any hawkish chatter or will be the BoC be a little skittish over a possible jump in the Loonie?

At the time of writing, the Loonie was up by 0.01% to C$1.2110 against the U.S Dollar.

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