Economic Data to Drive the EUR, with Trump also in Focus

With stats limited to business confidence figures out of Germany, Trump holds the cards for the markets on the day…
Bob Mason
Trump Effect

Earlier in the Day:

It’s a quiet day on the economic calendar through the Asian session this morning.

There are no material stats to provide the Asian markets with direction through the early part of the day.

A lack of stats left the majors to respond to private sector PMI numbers from the U.S, which reported a pickup in activity in November.

On the geopolitical front, Trump’s announcement of China and the U.S getting close to a phase 1 agreement also supported risk appetite early on.

For the Majors

At the time of writing, the Japanese Yen was down by 0.03% to ¥108.69 against the U.S Dollar. The Aussie Dollar was up by 0.06% to $0.6790, while the Kiwi Dollar was down by 0.02% to $0.6409.

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic calendar. Key stats include Germany’s IFO Business Climate Index, current assessment and business expectations figures.

We can expect the EUR to respond to the numbers as the markets look for some improvement in business sentiment to support a rebound in Germany’s manufacturing sector.

If the private sector PMIs are to be a guide, some uptick should be expected as per forecasts.

At the time of writing, the EUR was up by 0.01% to $1.1022.

For the Pound

It’s a quiet start to the week on the data front. There are no material stats due out of the UK to provide direction to the Pound.

UK Politics will be the main area of focus on the day, with less than 3-weeks until the UK General Election…

The latest opinion polls and projections, in the wake of Friday’s live interviews with the leaders of the 4 main political parties, will provide direction.

From the weekend, the Tories saw their lead widen across the major polls, which is Sterling positive.

At the time of writing, the Pound was up by 0.13% to $1.2851.

Across the Pond

It’s also a quiet day on the economic calendar. There are no material stats to provide direction on the day.

A lack of stats will leave the Dollar in the hands of Washington and Beijing. Updates on trade and whether Trump vetoes or signs the HK Bill will be the key drivers on the day.

The Dollar Spot Index rose by 0.28% last week to end the week at 98.273.

For the Loonie

It’s a quiet day on the economic calendar. There are no material stats scheduled for release throughout the day.

We can expect the impact of updates from the U.S and Washington on trade to influence crude oil prices and the Loonie.

The Loonie was up by 0.07% to C$1.3293, against the U.S Dollar, at the time of writing.

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