It's a busier day on the economic calendar. Following GDP numbers from Japan and the RBA Meeting Minutes, the Pound and the EUR will be in focus later today.
It was a relatively quiet start to the day on the economic calendar this morning. The Japanese Yen was in action in the early part of the day. On the monetary policy front, RBA meeting minutes from the early May meeting were also in focus this morning.
1st estimate GDP numbers for the 1st quarter were in focus this morning.
Year-on-year, the economy contracted by 5.1%, compared with 11.7% growth in the 4th quarter. Economists had forecast a contraction of 4.6%.
Quarter-on-quarter, the economy contracted by 1.3% versus a forecasted contraction of 1.2%. In the 4th quarter of last year, the economy had expanded by 2.8%.
The Japanese Yen moved from ¥109.182 to ¥109.282 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.05% to ¥1091.0 against the U.S Dollar.
The RBA meeting minutes drew plenty of attention this morning, following the hold on policy earlier in the month.
Salient points from the minute’s considerations for monetary policy section included:
The Aussie Dollar moved from $0.77928 to $0.77860 upon release of the minutes. At the time of writing, with the Aussie Dollar was up by 0.33% to $0.7790.
At the time of writing, the Kiwi Dollar was up by 0.43% to $0.7235.
It’s a relatively busy day ahead on the economic data front. Key stats include trade data and 2nd estimate GDP numbers for the Eurozone.
The markets will be looking for a pickup in trade terms and upward revisions to GDP numbers to support the EUR.
At the time of writing, the EUR was up by 0.12% to $1.2167.
It’s a busy day ahead on the economic calendar. Employment and wage growth figures are due out later today.
Expect March’s unemployment rate and claimant count figures for April to draw the greatest interest. With the UK economy reopening at the turn of the quarter, the markets will be looking for better employment conditions to support consumption.
At the time of writing, the Pound was up by 0.26% to $1.4171.
It’s a relatively quiet day ahead on the economic calendar. Housing sector data for April, which includes building permits and housing starts will be in focus.
We don’t expect too much influence on the Greenback, however.
Geopolitics will likely be a key area of focus on the day.
At the time of writing, the Dollar Spot Index was down by 0.05% to 90.119.
It’s a particularly quiet day ahead on the economic calendar. There are no material stats from Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.
At the time of writing, the Loonie was up by 0.18% to C$1.2046 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.