Economic Data Puts the Loonie and the Greenback in Focus, with the RBA also in Action
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in focus in the early part of the day. Later this morning, the RBA will also deliver its August monetary policy decision.
For the Aussie Dollar
The housing sector was in focus.
In June, building permits tumbled by 6.7%, following a 7.6% slide in May. Economists had forecast a 5.5% decline.
Home loans fell by 2.5%, reversing a 1.9% increase from May. Economists had forecast a 2.1% decline.
The Aussie Dollar moved from $0.73632 to $0.73628 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.08% to $0.7367.
The Day Ahead
For the EUR
It’s a quiet day ahead on the economic data front. Spanish employment figures for July are due out later today.
Barring particularly dire numbers, however, the stats should have a muted impact on the EUR.
At the time of writing, the EUR was up by 0.04% to $1.1875.
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 later today.
The lack of stats will leave the markets to consider Thursday’s BoE monetary policy decision.
Last week’s IMF growth forecasts delivered strong Pound support. A similar BoE outlook would bring $1.40 levels into play.
At the time of writing, the Pound was up by 0.10% to $1.3897.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar.
Factory orders for June are due out later today. Following the disappointing ISM manufacturing figures on Monday, weak numbers would test support for riskier assets.
Away from the economic calendar, FOMC member chatter will also influence. FOMC member Clarida is scheduled to speak.
At the time of writing, the U.S Dollar Spot Index was flat at 92.052.
For the Loonie
It’s a relatively quiet day on the economic calendar. Manufacturing PMI figures for July are due out later today.
With little else for the markets to consider, we can expect Loonie sensitivity to the numbers.
At the time of writing, the Loonie was up by 0.04% to C$1.2505 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.