Economic Data Puts the Pound in Spotlight, with FED Chair Powell Testimony also in Focus

Earlier in the Day:

It’s was a particularly quiet start to the day on the economic calendar this morning. There were no major stats to provide the markets with direction early this morning.

The lack of stats left the markets to respond to moves across the U.S markets overnight.

For the Majors

At the time of writing, the Japanese Yen was up by 0.05% to ¥108.80 against the U.S Dollar. The Aussie Dollar was down by 0.09% to $0.7739, with the Kiwi Dollar was down by 0.42% to $0.7132.

The Day Ahead:

For the EUR

It’s another particularly quiet day on the economic calendar. There are no major stats from the Eurozone to provide direction.

The lack of stats will continue to leave the EUR in the hands of market risk sentiment and COVID-19 news.

Any decision by the German government to introduce further containment measures would test support.

At the time of writing, the EUR was down by 0.01% to $1.1932.

For the Pound

It’s a busy day ahead on the economic calendar. Key stats include earnings, claimant counts, and unemployment figures.

Expect February’s claimant count and January’s unemployment rate to have the greatest influence on the Pound.

CBI Industrial Trend Orders for March are also due out later in the, which will also draw attention.

At the time of writing, the Pound was down by 0.01% to $1.3862.

Across the Pond

It’s another relatively busy day ahead on the economic calendar. The housing sector is back in focus, with new home sales figures for February due out later today.

We don’t expect too much influence from the numbers, however.

With stats limited to housing sector numbers, FED Chair Powell testimony will influence late in the day.

On Monday, the Dollar Spot Index fell by 0.19% to 91.742.

For the Loonie

It’s another quiet on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of market risk sentiment and ultimately crude oil prices on the day.

At the time of writing, the Loonie was down by 0.02% to C$1.2524 against the U.S Dollar.

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