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Bob Mason
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Earlier in the Day:

It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar, Japanese Yen, and the Aussie Dollar were in action early this morning.

For the Kiwi Dollar

Electronic card retail sales jumped by 8.8% in October. In September sales had risen by 5.4%. Year-on-year, spending was up by 8.2%.

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According to NZ Stats,

  • Spending on eating out recovered in October, as Auckland came out of COVID-19 alert level 2.
  • Restaurants, cafes, and takeaways reported an 8.8% jump in spending, compared with October 2019.
  • Hotels, motels, and other accommodation saw a spending slump of 22%, compared with October 2019, however. A lack of international visitors continued to weigh heavily on the accommodation industry.
  • Spending on durables jumped by 17%, driven by furniture, electrical, and hardware retailing (+20%).
  • Sporting and outdoor activity equipment (+27%) saw the largest percentage increase of the 4 durable sub-industries.

The Kiwi Dollar moved from $0.68190 to $0.68192 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.28% to $0.6837.

For the Japanese Yen

The Current account surplus narrowed from ¥2.103tn to ¥1.660tn in September. Economists had forecasted a narrowing to ¥1.995tn.

The Japanese Yen moved from ¥105.092 to ¥105.248 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.49% ¥104.89 against the U.S Dollar.

For the Aussie Dollar

The NAB Business Confidence Index rose from -4 to +5 in October. In September, the Index had risen from -8 to -4.

According to the October survey,

  • Business confidence rose to its highest level since mid-2019, driven by a sharp increase in Victoria.
  • By sub-component, trading and profitability jumped by 4 points and by 3 points respectively, with employment rising by 1 point to -5.
  • The Business conditions index saw a more modest 1 point increase to +1 in October, however.

The Aussie Dollar moved from $0.72775 to $0.72738 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.7287.

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The Day Ahead:

For the EUR

It’s a relatively busy day ahead on the economic calendar. November’s ZEW Economic Sentiment figures for Germany and the Eurozone are due out.

We can expect EUR sensitivity to the numbers as the markets get a sense of what impact the 2nd wave pandemic is having on sentiment.

Away from the economic calendar, expect continued support from Biden’s victory. Any updates on COVID-19 and Brexit will also influence.

At the time of writing, the EUR was up by 0.19% to $1.1835.

For the Pound

It’s a busy day ahead on the economic calendar. October claimant count figures and September’s unemployment rate will be the key drivers.

Wage growth and employment change figures are also due out but should have less of an impact on the day.

Earlier in the morning, BRC Retail Sales Monitor figures for October were in focus.

According to the BRC, retail sales rose by 5.2% in October year-on-year, following a 6.1% jump in September.

At the time of writing, the Pound was up by 0.17% to $1.3189.

Across the Pond

It’s a quiet day ahead for the U.S Dollar. JOLTs job openings for September are due out later today.

Concerns over the labor market recovery linger, making labor market figures all the more influential.

Away from the economic calendar, chatter from Capitol Hill and COVID-19 news updates will continue to provide direction.

At the time of writing, the Dollar Spot Index was down by 0.10% to 92.629.

For the Loonie

It’s a quiet day on the economic data front. There are no material stats to provide the Loonie with direction on the day.

A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news updates.

At the time of writing, the Loonie was up by 0.02% to C$1.3004 against the U.S Dollar.

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

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