It's a relatively quiet day ahead on the economic calendar. Key stats from the Eurozone and the U.S will draw interest. For the Pound, BoE Governor Bailey could influence late in the day...
It was a busier start to the day on the economic calendar this morning. The Kiwi Dollar, the British Pound, and the Japanese Yen were in action early this morning, with economic data from China also in focus.
In April, electronic card retail sales rose by 4.0%, following a 0.8% increase in March.
According to NZ Stats,
The Kiwi Dollar moved from $0.72670 to $72681 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.27% to $0.7257.
According to the Statistic Bureau, household spending jumped by 7.2% in March, following a 2.4% rise in February. Economists had forecast a 2.1% increase in spending. Year-on-year, spending was up by 6.2%. In February, spending had been down by 6.6%. Economists had forecast spending to increase by 1.5%.
The Japanese Yen moved from ¥108.830 to ¥108.819 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.12% to ¥108.94 against the U.S Dollar.
Inflation figures were in focus this morning.
In April, consumer prices fell by 0.3%, month-on-month, following a 0.5% decline in March. Economists had forecast a 0.2% decline.
The annual rate of inflation picked up, however, from 0.4% to 0.9% versus a forecasted 1.0%.
Wholesale inflationary pressures also accelerated at the turn of the quarter. The annual rate of wholesale inflation ticked up from 4.4% to 6.8% in April. Economists had forecasted 6.5%.
The Aussie Dollar moved from $0.78294 to $0.78327 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.78317.
It’s a relatively quiet day ahead on the economic data front. ZEW economic sentiment figures for Germany and the Eurozone are due out.
The markets are expecting improved sentiment supported by the pickup in vaccination rates across the EU. Weaker sentiment would weigh on the EUR early in the European session.
At the time of writing, the EUR was up by 0.02% to $1.2131.
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
While there are no stats to consider, BoE Governor Bailey is scheduled to speak late in the day. Expect any chatter on policy or the economic outlook to provide direction.
Early this morning, retail sales figures impressed as a result of the ongoing reopening of the UK economy. According to the BRC, retail sales jumped by 39.6% in April, year-on-year. In March, retail sales had been up by 20.30%.
At the time of writing, the Pound was down by 0.01% to $1.4116.
It’s another quiet day ahead on the economic calendar. JOLTs job openings for March are due out later today.
Following the disappointing nonfarm payroll figures from last week, we can expect more sensitivity than normal to the numbers.
A markedly lower number of openings would question the optimistic outlook on the labor market recovery.
At the time of writing, the Dollar Spot Index was up by 0.09% to 90.293.
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
While there area no material stats to consider, OPEC’s monthly report is due out and will influence crude oil prices.
The focus will likely be on demand that has continued to support the upward trend in crude oil prices.
At the time of writing, the Loonie was down by 0.04% to C$1.2107 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.