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Bob Mason
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Earlier in the Day:

It’s was a busier start to the day on the economic calendar. The Kiwi Dollar and the Japanese Yen were in action in the early part of the day.

Away from the economic calendar, COVID-19 and the U.S stimulus package remained in focus following the FED’s overnight monetary policy decision.

Looking at the latest coronavirus numbers

According to figures at the time of writing, the number of new coronavirus cases rose by 287,638 to 17,171,292 on Wednesday. On Tuesday, the number of new cases had risen by 241,391. The daily increase was higher than Tuesday’s rise while down from 288,688 new cases from the previous Wednesday.

Germany, Italy, and Spain reported 3,179 new cases on Wednesday, which was up from 2,602 new cases on Tuesday. On the previous Wednesday, 2,217 new cases had been reported.

From the U.S, the total number of cases rose by 69,828 to 4,498,209 on Wednesday. On Tuesday, the total number of cases had increased by 64,799. On Wednesday, 22nd July, a total of 72,306 new cases had been reported.

For the Kiwi Dollar

Building consents and July business confidence figures provided the Kiwi Dollar with direction early on.

According to NZ Stats, building consents rose by 0.50% in June, following a 41.7% jump in May. While up marginally for the month, consents were up by close to 20% from June 2019.

The Kiwi Dollar moved from $0.66681 to $0.66657 upon release of the data.

In July, the ANZ Business Confidence Index rose from -34.4 to -31.8.

According to the latest ANZ Report,

  • A net 9% of firms expect weaker economic activity in their own business, rising from -26% in June.
  • The retail sector drove the recovery, while the agriculture sector was the most negative.
  • 31% of firms say they intend to lay off staff, and 24% say they have less staff than a year ago.

The Kiwi Dollar moved from $0.66649 to $0.66570 upon release of the figures. At the time of writing, the Kiwi Dollar down by 0.18% to $0.6657.

For the Japanese Yen

According to the Ministry of Economy, Trade, and Industry, retail sales fell by 1.20%. Economists had forecast a 6.50% slide. In May retail sales had tumbled by 12.3% in May, year-on-year.

The Japanese Yen moved from ¥105.012 to ¥105.008 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.14% to ¥105.07 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was up by 0.18% to $0.7175.

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The Day Ahead:

For the EUR

It’s a busy day ahead on the economic calendar. Key stats include 2nd quarter GDP and July unemployment figures from Germany.

The Eurozone’s unemployment rate and German prelim July inflation figures for July are also due out. The numbers will likely have a muted impact on the EUR.

Expect the GDP and July unemployment figures to be the key driver, along with COVID-19 news and U.S stimulus package updates.

At the time of writing, the EUR was down 0.17% to $1.1772.

For the Pound

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

A lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment.

At the time of writing, the Pound was down by 0.13% to $1.2980.

Across the Pond

It’s another relatively busy day ahead for the U.S Dollar. 2nd quarter GDP and weekly initial jobless claims figures are due out.

While we can expect influence from the GDP numbers, the weekly jobless claims could garner more attention. Another rise in claims will test the market’s resolve.

Away from the calendar, the U.S stimulus package and COVID-19 will remain in focus.

At the time of writing, the Dollar Spot Index was down by 0.10% to 93.357.

For the Loonie

It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.

A lack of stats will leave the Loonie in the hands of market risk sentiment that will be driven by geopolitics and COVID-19.

At the time of writing, the Loonie was down by 0.05% to C$1.3346 against the U.S Dollar.

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

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