Economic Data Puts the Loonie and the Pound in Focus

Earlier in the Day:

It was a relatively quiet start to the day on the economic calendar this morning. Inflation figures from China were in focus this morning

Out of China

In June, the annual rate of inflation softened from 1.3% to 1.1%. Economists had forecast an uptick to 1.6%. Month-on-month, consumer prices fell by a further 0.4%, however, following a 0.2% decline in May.  Economists had forecast a 0.1% rise.

Wholesale inflationary pressures also abated, with the annual wholesale rate of inflation easing from 9.0% to 8.8% in June. Economists had forecast a softening to 8.9%.

The Aussie Dollar moved from $0.74152 to $0.74106 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.22% to $0.7413.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.07% to ¥109.800 against the U.S Dollar, while the Kiwi Dollar was down by 0.43% to $0.6926.

The Day Ahead

For the EUR

It’s a quiet day ahead on the economic data front. There are no material stats for the markets to consider on the day.

Following the ECB meeting minutes on Thursday, ECB President Lagarde is scheduled to speak, however.

Expect any chatter on monetary policy or the economy to influence.

At the time of writing, the EUR was down by 0.06% to $1.1838.

For the Pound

It’s a busy day ahead on the economic calendar. Industrial and manufacturing production figures are due out along with trade data and GDP numbers for May.

While the manufacturing production and GDP figures are key, expect the trade data to also influence.

Away from the economic calendar, COVID-19 news updates will remain a key area of focus.

At the time of writing, the Pound was down by 0.08% to $1.3775.

Across the Pond

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the U.S for the markets to consider.

A lack of stats will likely leave the Greenback in the hands of central bank chatter.

At the time of writing, the Dollar Spot Index was down by 0.02% to 92.403.

For the Loonie

It’s a relatively busy day ahead on the economic data front. Employment figures for June are due out later in the day.

With little else for the markets to consider ahead of next week’s Bank of Canada monetary policy decision, expect plenty of interest in the numbers.

At the time of writing, the Loonie was down by 0.13% to C$1.2550 against the U.S Dollar.

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