Economic Data Puts the EUR in the Spotlight, with Capitol Hill also in Focus

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 majors with direction in the early part of the day.

Later this morning, the RBA is in action, however. With the markets expecting the RBA to stand pat, the rate statement will be the key driver.

Any talk of the need for further support or a gloomier outlook would sink the Aussie Dollar that remains susceptible to any negative COVID-19 news.

For the Majors

At the time of writing, the Aussie Dollar was up by 0.21% to $0.7637, with the Kiwi Dollar up by 0.10% to $0.7165.

The Japanese Yen was up by 0.02% to ¥104.91 against the U.S Dollar.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar.

The Eurozone’s 1^st estimate GDP figures for the 4^th quarter are due out.

With the ECB standing by its growth forecasts for 2021, weaker than forecasted numbers would weigh on the EUR.

Vaccine woes and extended lockdown measures continue to question the ECB and the IMF’s growth forecasts.

Away from the economic calendar, expect COVID-19 news updates to continue to influence.

At the time of writing, the EUR was up by 0.06% to $1.2067.

For the Pound

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

The lack of stats will leave the UK governments progress on the vaccination front in focus.

At the time of writing, the Pound was up by 0.09% to $1.3675.

Across the Pond

It’s also a particularly quiet day ahead on the economic calendar. There are no material stats due out of the U.S to provide the markets with direction through the U.S session.

The lack of stats will leave COVID-19 and Capitol Hill in focus.

On Monday, the Dollar Spot Index rose by 0.44% to end the day at 90.980.

For the Loonie

It’s a particularly 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 appetite on the day.

At the time of writing, the Loonie was up by 0.05% to C$1.2845 against the U.S Dollar.

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