Economic Data Puts the EUR and the Greenback in Focus
Earlier in the Day:
It’s was a busier start to the Day on the economic calendar this morning. The Aussie Dollar was in action, with economic data from the UK also in focus.
For the Aussie Dollar
In January, the NAB Business Confidence Index rose from an upwardly revised 5 to 10. Economists had forecast the index to come in at 5.
According to the January Survey,
- While business confidence improved, business conditions fell back from 16 to 7. In December, the business conditions index had risen from 8 to 16.
- Trading conditions weighed on the business conditions index, with profitability and employment also weaker.
- The trading sub-index slid from 22 to 11 in January, with the employment sub-index falling from 10 to 3.
- In January, the profitability sub-index saw a more modest decline from 13 to 9.
The Aussie Dollar moved from $0.77088 to $0.77122 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.21% to $0.7718.
The Day Ahead:
For the EUR
It’s another relatively quiet day ahead on the economic calendar.
German trade data for December is due out going into the European open.
With economic data on the lighter side, industrial production figures for Italy will also draw attention later in the day.
Away from the economic calendar, Draghi’s progress in forming government will also need tracking.
At the time of writing, the EUR was up by 0.09% to $1.12061.
For the Pound
It’s another quiet day ahead on the economic calendar, with no material stats due out of the UK.
The lack of stats will continue to leave the Pound in the hands of COVID-19 news updates and market risk sentiment.
Earlier in the day, retail sales figures were in focus.
According to the BRC Retail Sales Monitor, retail sales rose by 7.1%, year-on-year, picking up from a 4.8% rise in December.
At the time of writing, the Pound was up by 0.13% to $1.3759.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. JOLTs job openings for December are due out later today.
Following disappointing nonfarm payroll figures for January, we can expect increased market sensitivity to the figures.
Away from the economic calendar, chatter from Capitol Hill will continue to influence.
At the time of writing, the Dollar Spot Index was down by 0.04% to 90.900.
For the Loonie
It’s another quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.
At the time of writing, the Loonie was up by 0.08% to C$1.2729 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.