Economic Data Puts the EUR in Focus, with the Senate Race and COVID-19 also Key Drivers

Earlier in the Day:

It’s was a quiet start to the day on the economic calendar this morning. There were no material stats to provide the markets with direction early in the day.

Away from the economic calendar, a continued spike in new COVID-19 cases and market sentiment towards the U.S Senate race will influence.

The Majors

A the time of writing, the Japanese Yen was up by 0.01% to ¥103.12 against the U.S Dollar, with the Aussie Dollar up by 0.08% to $0.7671. The Kiwi Dollar was down by 0.03% to $0.7174.

The Day Ahead:

For the EUR

It’s another particularly busy day ahead on the economic calendar. German retail sales figures for November and unemployment figures for December are due out later this morning.

While retail sales figures will influence, expect unemployment change numbers to have the greatest impact on the EUR.

Away from the economic calendar, COVID-19 vaccine updates and new cases will also influence. On the geopolitical front, expect the Senate race to also provide direction.

At the time of writing, the EUR was up by 0.02% to $1.2251.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out today to provide the Pound with direction.

COVID-19 containment news will likely be the key driver on the day.

At the time of writing, the Pound was up by 0.04% to $1.3576.

Across the Pond

It’s a relatively quiet day ahead on the economic calendar. The market’s preferred ISM manufacturing PMI figures are due out later today.

Expect some sensitivity to the numbers.

Ultimately, however, the Georgia runoffs for the Senate race will decide the fate of the Dollar.

The Dollar Spot Index slipped by 0.05% to 89.891 on Monday.

For the Loonie

It’s a relatively quiet day on the economic data front. November’s RMPI is due out later today.

Barring particularly dire numbers, however, don’t expect too much influence from the numbers.

COVID-19 news and U.S politics will be the key driver of the day. There will also be some interest in the outcome of the OPEC plus meeting that extended into a 2^nd day without an agreement.

At the time of writing, the Loonie was down by 0.03% to C$1.2782 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.