Economic Data Puts the EUR and Dollar in the Spotlight, with ECB Minutes also in FocusIt’s a relatively busy day on the economic calendar, with economic data from the Eurozone and the U.S in focus. The ECB monetary policy meeting minutes are also due out…
Earlier in the Day:
It’s was another relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action as the China markets reopened following the Chinese New Year close.
For the Aussie Dollar
In January, employment increased by 29.1k in Australia, falling short of a forecasted 40.0k rise, according to the ABS. Employment had risen by 50.0k in December.
Full employment rose by 59.0k, following a 35.7k increase in December. The unemployment rate slipped from 6.6% to 6.4%. Economists had forecast an unemployment rate of 6.5%.
The participation rate fell from 66.2% to 66.1%, with the underemployed falling from 8.5% to 8.1%.
The Aussie Dollar moved from $0.77638 to $0.77676 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.06% to $0.7756.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Eurozone consumer confidence figures are due out late in the European session.
Ahead of the numbers, the ECB’s monetary policy meeting minutes are also due out and will influence. Will the minutes highlight concerns over the economic outlook or stand by its growth forecasts for the year?
At the time of writing, the EUR was up by 0.02% to $1.2041.
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 knock the Pound off its road to recovery.
Market sentiment towards the economic outlook remains positive for the Pound near-term. Any risk aversion, however, and expect the Pound to come under pressure.
At the time of writing, the Pound was down by 0.01% to $1.3856.
Across the Pond
It’s another busy day ahead on the economic calendar. Key stats include Philly FED Manufacturing PMI figures and the weekly jobless claims numbers.
While both sets of numbers will influence, the weekly jobless claims figures will likely have the greatest impact.
Housing sector data for January also due out should have a muted impact on the Dollar and market risk sentiment.
At the time of writing, the Dollar Spot Index was down by 0.06% to 90.897.
For the Loonie
It’s a particularly quiet day on the economic data front. 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. Continued market optimism towards the global economic recovery and anticipated pickup in crude oil consumption remains Loonie positive near-term.
At the time of writing, the Loonie was down by 0.03% to C$1.2706 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.