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Bob Mason
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The Reserve Bank of Australia Sydney New South Wales Australia

Earlier in the Day:

It was a busy start to the day on the economic calendar. this morning. The Kiwi Dollar and the Japanese Yen were in action. Later this morning, the RBA will deliver its July monetary policy decision.

For the Kiwi Dollar

Business confidence was in focus in the early hours.

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In the 2nd quarter, the NZIER Business Confidence increased by 7%, partially reversing a 13% decline from the previous quarter. Economists had forecast a 7% decline.

According to the NZIER, firms’ own trading activity also picked up strongly, with a net 26% of businesses reporting increased demand.

The Kiwi Dollar moved from $0.70217 to $0.70362 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.43% to $0.7057.

For the Japanese Yen

Household spending fell by 2.1% in May, month-on-month, which was better than a forecasted 3.2% decline. In April, spending had risen by 0.1%.

Year-on-year, household spending was up by 11.6%, coming in ahead of a forecasted 11.0% rise. In April, household spending had been up by 13.0%.

According to the Statistic Bureau,

  • There were marked increases in spending, year-on-year, on housing (+28.9%), culture & recreation (+24.0%), transportation & communication (+23.5%), and education (+22.8%).
  • Spending on medical care was up 14.9% with spending on clothing & footwear rising by 13.0%.
  • While spending on food rose by 2.1%, there were declines in spending on fuel, light, & water charges (-2.4%) and furniture & household utensils (-2.6%).

The Japanese Yen moved from ¥110.952 to ¥110.935 upon release of the data. At the time of writing, the Japanese Yen was up by 0.03% to ¥110.940 against the U.S Dollar.

For the Aussie Dollar

There were no material stats to consider in the early hours. Later this morning, however, the RBA will deliver its July monetary policy decision.

With the RBA expected to stand pat on policy, the focus will be on the rate statement.

At the time of writing, the Aussie Dollar was up by 0.17% to $0.7543.

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The Day Ahead

For the EUR

It’s another busy day ahead on the economic data front. German factory orders and Eurozone retail sales figures will be in focus later today. ZEW Economic Sentiment figures for Germany and the Eurozone will also influence.

Expect Germany’s factory orders and the economic sentiment figures for Germany and the Eurozone to be key.

At the time of writing, the EUR was up by 0.01% to $1.1865.

For the Pound

It’s a quiet day ahead on the economic calendar.. Construction PMI figures for June are due out later today.

The numbers are unlikely to influence, however, with the markets more focused on the government’s plans to ease restrictions.

At the time of writing, the Pound was up by 0.08% to $1.3855.

Across the Pond

The services sector is in focus later in the day. Finalized Markit survey services PMI figures for June are due out along with the ISM Non-Manufacturing PMI for June.

Expect the market’s preferred ISM Non-Manufacturing PMI to have a greater impact on the Dollar and the broader market.

Away from the economic calendar, FOMC member chatter will also need monitoring.

At the start of the week, the Dollar Spot Index fell down by 0.02% to end the day at 92.212.

For the Loonie

It’s another particularly quiet day ahead on the economic data front. There are no material stats to provide the Loonie with direction. A lack of stats will continue to leave the Loonie in the hands of market risk sentiment on the day.

At the time of writing, the Loonie was up by 0.02% to C$1.2339 against the U.S Dollar.

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

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