Economic Data Puts the Pound and the Dollar in Focus ahead of the FOMC Meeting Minutes
Earlier in the Day:
It was a quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action this morning, however, ahead of trade data from China due out later in the session.
For the Aussie Dollar
The Westpac consumer confidence index fell by 1.5% to 104.6 in October. In September, the index had stood at 106.2.
According to the October survey, Consumers remained upbeat despite both Sydney and Melbourne remaining in lockdown throughout the last month.
Looking at the components,
- Family finances vs a year ago fell by 1.3% to 92.3, while finances next 12-months rose by 0.5% to 109.7.
- Economic conditions next 12-months fell by 1.7% to 103.2, with economic conditions next 5-yearas sliding by 5.6% to 108.1.
- Time to buy a major household item increased by 0.9%, however, while time to buy a dwelling tumbled by 13.8% to 83.3.
- In October, the Unemployment Expectations Index slid by 11.1% to 107.1. Year-on-year, the index was down 10.3%.
The Aussie Dollar moved from $0.73377 to $0.73398 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.22% to $0.7334.
For the Majors
The Day Ahead
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Finalized inflation figures from Germany and industrial production numbers for the Eurozone will be in focus.
Barring any revisions to Germany’s inflation figures, expect the Eurozone’s industrial production numbers to be key.
At the time of writing, the EUR was up by 0.13% to $1.1545.
For the Pound
It’s another busy day ahead on the economic calendar.
August GDP numbers are due out along with manufacturing and industrial production figures. Trade data is also due out but should have a muted impact on the Pound.
At the time of writing, the Pound was up by 0.10% to $1.3601.
Across the Pond
It’s a busy day ahead, with inflation figures for September due out later today. Another pickup in inflationary pressure would likely be a green light for the FED to make its move despite the weaker than expected NFP numbers.
On the monetary policy front, the FOMC meeting minutes will also influence late in the day.
At the time of writing, the U.S Dollar Spot Index was down by 0.09% to 94.431.
For the Loonie
It’s yet another particularly quiet day ahead for the Loonie.
With no stats to consider, the Loonie will remain in the hands of crude oil prices and market risk sentiment on the day.
OPEC’s monthly report will be in focus.
At the time of writing, the Loonie was up by 0.01% to C$1.2467 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.