Economic Data Puts the EUR in Focus as the Markets Try to Second Guess the FED
Earlier in the Day:
It was another relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action this morning.
For the Kiwi Dollar
Retail sales were in focus in the early hours.
In the 2nd quarter, retail sales rose by 3.3% quarter-on-quarter. In the previous quarter, retail sales had increased by 2.8%.
Core retail sales increased by 3.4%, quarter-on-quarter, following a 3.2% rise in the previous quarter.
According to NZ Stats,
- Most retail industries saw increases in spending, with rises across all regions.
- Spending on big ticket items was a priority for many customers.
- Electrical and electronic goods had the largest increase in sales volumes, up 6.9%.
- Food and beverage sales rose 5.6%, with motor vehicle and parts retailing up 3.1%.
The Kiwi Dollar moved from $0.68940 to $0.68942 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.06% to $0.68960.
The Day Ahead
For the EUR
It’s a relatively quiet day ahead on the economic data front. German GDP numbers for the 2nd quarter will be in focus in the early part of the day.
With little else for the markets to consider, we can expect plenty of interest in the numbers. Positive numbers off the back of decent PMI numbers for August would further ease immediate concerns over the economic recovery.
At the time of writing, the EUR was up by 0.01% to $1.1746.
For the Pound
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.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was up by 0.05% to $1.3726.
Across the Pond
It’s a relatively quiet day ahead. New home sales figures for July are due out later today. The numbers are unlikely to move the dial, however, as the markets look ahead to the Jackson Hole Symposium.
The U.S Dollar Spot Index ended Monday down by 0.58% to 92.958.
For the Loonie
It’s a particularly quiet day on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil prices and market risk sentiment on the day.
At the time of writing, the Loonie was up by 0.02% to C$1.2652 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.