Economic Data from the Eurozone and the U.S Put the EUR and the Dollar in the SpotlightEconomic data from the Eurozone and the U.S will be in focus. Expect GDP and jobless claim figures from the U.S to be key later in the day, however.
Earlier in the Day:
It was another relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early part of the day.
For the Kiwi Dollar
Business confidence was in focus this morning.
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In July, the ANZ Business Confidence Index fell from -0.6 to -3.8%. Economists had forecast an increased to 1.2%.
According to the latest ANZ Report,
- While business confidence was down, firms’ own activity rose by 5 points to +32%.
- Investment intentions increased by 7 points to 25.5%, while employment intentions eased by 1 point.
- Cost expectations rose by 5 points to a net 86.2%. A net 62.8% of respondents intend to raise their prices, up 6 points. General inflation expectations rose by 19 bps to 2.41%.
- Profit expectations increased by 2 points to 5.8%, however.
- Export intentions rose by a modest 1 point to 13.4%.
The Kiwi Dollar moved from $0.69584 to $0.69545 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.07% to $0.6954.
The Day Ahead
For the EUR
It’s a relatively busy day ahead on the economic data front, with the German economy back in the spotlight.
Unemployment and inflation figures will be in focus later today. Expect plenty of interest in the numbers, with market sensitivity to inflation lingering despite the ECB’s latest shift in its price objective.
At the time of writing, the EUR was up by 0.03% to $1.1848.
For the Pound
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
At the time of writing, the Pound was up by 0.06% to $1.3911.
Across the Pond
It’s a busy day ahead on the economic calendar.
1st estimate GDP numbers for the 2nd quarter and weekly jobless claims figures will be in focus later today.
We can expect plenty of interest in today’s numbers. Expect any sharp increase in jobless claims to overshadow positive GDP numbers, however.
At the time of writing, the U.S Dollar Spot Index was down by 0.09% to 92.235.
For the Loonie
It’s a quiet day on the economic calendar, with no material stats from 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 0.05% to C$1.2522 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.