Economic data from the Eurozone and the U.S will draw interest in the day. Expect news from Capitol Hill to also influence, however.
It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day.
Away from the economic calendar, updates from Capitol Hill garnered plenty of interest. Protests broke out, leading to violence before President-Elect Biden was certified as the next U.S President.
The protests coincided with the Democrats taking control of the Senate. With the Democrats now in control of both houses, expectations are for more stimulus to support the U.S economic recovery, which supported riskier assets early on.
Building approvals and trade data were in focus this morning.
In November, building approvals rose by 2.6%, following on from a 3.8% jump in October. Economists had forecast a 2.5% increase.
According to the ABS,
In November, Australia’s trade surplus narrowed from A$7.456bn to A$5.022bn. Economists had forecast a narrowing to A$6.000bn.
According to the ABS,
The Aussie Dollar moved from $0.78027 to $0.77928 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.01% to $0.7801.
At the time of writing, the Japanese Yen was down by 0.07% to ¥103.11 against the U.S Dollar, with the Kiwi Dollar down by 0.03% to $0.7292.
It’s another busy day ahead on the economic calendar. German factory orders and Eurozone retail sales figures are in focus later this morning.
Other stats include German construction figures and inflation numbers for Italy and the Eurozone.
Barring particularly dire numbers, however, these stats are unlikely to have a material impact on the EUR.
On the monetary policy front, the ECB’s Economic Bulletin will also draw interest later today.
Away from the economic calendar, COVID-19 news and vaccine updates will also influence.
At the time of writing, the EUR was up by 0.06% to $1.2335.
It’s another relatively quiet day ahead on the economic calendar. December’s construction PMI is due out later today.
The numbers are unlikely to have a material impact on the Pound, however.
Expect market sentiment towards the latest lockdown measures and COVID-19 vaccine news to continue to influence.
At the time of writing, the Pound was up by 0.13% to $1.3626.
It’s a relatively quiet day ahead on the economic calendar. The market’s preferred ISM Services PMI and jobless claims figures are due out.
Expect market sensitivity to both sets of figures.
Away from the economic calendar, COVID-19 news and chatter from Capitol Hill to also provide direction.
At the time of writing, the Dollar Spot Index was down by 0.19% to 89.357.
It’s a relatively quiet day on the economic data front. December’s Ivey PMI is due out later today.
With little else for the markets to consider, expect a Loonie response to today’s figures.
Away from the economic calendar, U.S politics and COVID-19 news will also provide direction.
At the time of writing, the Loonie was up by 0.02% to C$1.2675 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.