It's a relatively busy day ahead, with stats from the Eurozone and the U.S in focus later in the day. COVID-19 news updates will also need monitoring, however...
It was a quieter start to the day on the economic calendar this morning. The Kiwi Dollar was in focus in the early hours. Later this morning, the Bank of Japan will also be in action, delivering its July monetary policy decision.
Business PMI and inflation figures were in focus.
In June, New Zealand’s Business PMI jumped from 58.6 to 60.7. Economists had forecast a decline to 57.0.
According to the latest survey,
On the inflation front, the annual rate of inflation accelerated from 1.5% to 3.3% in the 2nd quarter. Economists had forecast a rate of 2.4%. Quarter-on-quarter, consumer prices increased by 1.3%, following a 0.8% rise in the 1st quarter. Economists had forecast a 0.6% increase.
According to NZ Stats,
The Kiwi Dollar moved from $0.69853 to $0.70304 upon release of the figures before easing back. At the time of writing, the Kiwi Dollar was up by 0.31% to $0.70060.
At the time of writing, the Japanese Yen was up by 0.02% to ¥109.810 against the U.S Dollar, with the Aussie Dollar up by 0.04% to $0.7426.
It’s a busier day ahead on the economic data front. Finalized June inflation figures for Eurozone and Eurozone trade data are due out later this morning.
With little else for the markets to consider, expect the numbers to provide some direction. With the ECB’s shift in policy on price stability, however, the trade figures should garner more interest.
At the time of writing, the EUR was up by 0.01% to $1.1813.
It’s a quiet day ahead on the economic calendar, with no major stats from the UK to consider later today.
The lack of stats will leave the Pound in the hands of market risk sentiment and COVID-19 news updates.
At the time of writing, the Pound was down by 0.01% to $1.3828.
It’s another busy day ahead on the economic calendar. Retail sales and consumer sentiment figures are due out later today.
While the retail sales figures will be key, expect the consumer sentiment figures to also influence later in the day.
Away from the economic calendar, FOMC member chatter will also need monitoring following FED Chair Powell’s testimony in the week.
On Thursday, the Dollar Spot Index rose by 0.23% to end the day at 92.624.
It’s another quiet day ahead on the economic data front. Wholesale sales figures for May will be in focus alongside foreign securities purchases.
Barring particularly dire numbers, however, the numbers should have a relatively muted impact on the Loonie.
Market risk sentiment will likely be the key driver on the day.
At the time of writing, the Loonie was down by 0.01% to C$1.2596 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.