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Bob Mason
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Earlier in the Day:

It was a busier start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action in the early part of the Asian session.

For the Kiwi Dollar

Inflation figures were in focus in the early hours.

In the 1st quarter, the annual rate of inflation ticked up from 1.4% to 1.5%. Economists had forecast an annual rate of inflation of 1.4%. Quarter-on-quarter, consumer prices rose by 0.8%, following a 0.5% increase in the 4th quarter. Economists had forecast a 0.7% rise.

According to NZ Stats,

Quarterly Change

  • Prices for transport rose by 3.9%, driven by higher prices for private transport supplies and services and purchase of vehicles.
  • Housing and household utilities rose 0.9%, with prices for alcoholic beverages and tobacco increasing by 1.6%. A 2.7% increase in prices for cigarettes and tobacco drove prices higher.
  • Food prices rose by a more modest 0.6%

Annual Change

  • Housing and household utilities rose by 2.6%, with food prices increasing by 1.1%.
  • Alcoholic beverages and tobacco increased by 2.5%.

The Kiwi Dollar moved from $0.71706 to $0.71724 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.05% to $0.7184.

For the Aussie Dollar

Retail sales was in focus this morning.

In March, retail sales rose by 1.4% according to prelim figures, reversing a 0.8% decline from February.

According to the ABS,

  • Cafes, restaurants, and takeaway food services (+6%) led the industry rises.
  • Clothing, footwear, and personal accessory retailing and department store sales were also on the rise.
  • Food retailing fell by 1%, however.
  • Through the year, sales rose 2.3% in March 2021 compared with March 2020. In February, sales had risen by 9.1% year-on-year.

The Aussie Dollar moved from $0.77210 to $0.77312 upon release of the stats. At the time of writing, the Aussie Dollar was up by 0.09% to $0.77299.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.16% to ¥107.94 against the U.S Dollar.

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The Day Ahead:

For the EUR

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction. A lack of stats will leave the EUR in the hands of COVID-19 vaccine news and geopolitics.

At the time of writing, the EUR was up by 0.03% to $1.2040.

For the Pound

It’s a busy day ahead on the economic calendar.

Inflation figures for March are due out later today. We can expect Pound sensitivity to the numbers, with the markets expecting a continued pickup in inflationary pressures.

Away from the economic calendar, the ongoing reopening of the UK economy should continue to provide Pound support.

At the time of writing, the Pound was up by 0.08% to $1.3948.

Across the Pond

It’s yet another quiet day ahead on the economic calendar. There are no material stats to provide the Greenback and the broader markets with direction.

The lack of stats will continue to leave chatter from Capitol Hill and U.S foreign policy in focus.

At the time of writing, the Dollar Spot Index was down by 0.06% to 91.186.

For the Loonie

It’s busy day ahead on the economic calendar. March inflation figures are due out later today.

While we expect some Loonie sensitivity to the numbers, any major moves may be on hold, however.

The Bank of Canada’s first monetary policy decision of the quarter will draw plenty of attention.

With the markets are expecting the BoC to stand pat, the BoC’s monetary policy report will draw the greatest interest.

Fresh spikes in new COVID-19 cases could test member optimism and the Loonie.

Away from the economic calendar, crude oil inventory numbers will also draw interest on the day.

At the time of writing, the Loonie was up by 0.07% to C$1.2600 against the U.S Dollar.

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

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