Economic Data Keeps the EUR in Focus Mid-Week

Earlier in the Day:

It was a quieter start to the Asian session on the economic calendar. The Aussie Dollar was in action in the early hours of this morning.

For the Aussie Dollar

Consumer Confidence weakened in February, with the Westpac Confidence Index falling by 1.3% to 100.8. In January, the Index had fallen by 2.0% to 102.2.

According to the February Survey,

• While sentiment towards the economic outlook improved, assessment of family finances deteriorated.
• This was likely as a result of rising consumer prices, driven by Omicron-related disruptions to activity and earnings early in the year. The prospect of rising interest rates was an added negative.

Looking at the sub-components

• Family finances vs a year ago slid by 9.3% to 86.8, while finances next 12-months slipped by 1.5% to 106.4. Both fell below their long-run averages in February.
• Economic conditions next 12-months rose by 2.5% to 97.1, with economic conditions next 5-years up 1.5% to 105.2.
• The Unemployment Expectations Index fell by 8.7% to 102.8, which was aligned with sentiment towards economic conditions.

The Aussie Dollar moved from $0.71466 to $0.71472 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.10% to $0.7153.

Elsewhere

At the time of writing, the Kiwi Dollar was down by 0.08% to $0.6645, while the Japanese Yen was up by 0.13% to ¥115.400 against the U.S Dollar

The Day Ahead

For the EUR

It’s a relatively quiet day ahead on the economic calendar. German trade data and Italian industrial production figures will be in focus later today. Barring particularly dire numbers from Italy, expect Germany’s trade data to be key.

At the time of writing, the EUR was up by 0.11% to $1.1428.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK for the markets to consider. The lack of stats will continue to leave UK politics in focus.

At the time of writing, the Pound was up by 0.11% to $1.3558.

Across the Pond

It’s a quiet day on the economic calendar, with no material stats due out of the U.S to provide the markets with direction.

At the time of writing, the U.S Dollar Spot Index was down by 0.11% to 95.535.

For the Loonie

It’s also a quiet day ahead. There are no material stats due out of Canada to provide the Loonie with direction. The lack of stats will leave crude oil inventories in focus on the day.

At the time of writing, the Loonie was up by 0.05% to C$1.2702 against the U.S Dollar.

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