It's a quiet day ahead on the economic calendar. With no major stats from the U.S to consider, the EUR and German economy will be back in the spotlight.
It’s was a busy start to the week on the economic calendar this morning. The Japanese Yen and the Aussie Dollar were in action early this morning. There was also economic data from the UK to consider.
Household spending and 2nd estimate GDP numbers for the 4th quarter were in focus.
In January, household spending slid by 7.3% month-on-month, reversing a modest 0.9% rise from December. Year-on-year, spending fell by 6.1%, which was worse than a forecasted 2.1% decline. In December, spending had fallen by 0.6%.
According to the Statistic Bureau,
In the 4th quarter, the Japanese economy expanded by 2.8% quarter-on-quarter, a downward revision from an 1st estimate 3.0%. In the 3rd quarter, the economy had expanded by 5.3%.
Year-on-year, the economy grew by 11.7% in the 4th quarter, which was down from a 1st estimate 12.7%. In the 3rd quarter, the Japanese economy had expanded by 22.9%, year-on-year.
The Japanese Yen moved from ¥108.939 to ¥108.916 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.21% to ¥109.12 against the U.S Dollar.
Business confidence was back in the spotlight this morning.
In February, the NAB Business Confidence Index increased from 10.0 to 16.0, its highest level since early 2010.
According to the February Survey,
Looking at the sub-indexes
The Aussie Dollar moved from $0.7644 to $0.76385 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.03% to $0.7648.
The Kiwi Dollar was down by 0.10% to $0.7122.
It’s a busier day ahead on the economic calendar. German trade data for January are due out along with finalized GDP numbers for the Eurozone.
Barring another revision to GDP numbers, expect German trade data to have a greater impact.
French nonfarm payroll figures for the 4th quarter are also due out, though the numbers will likely have limited influence.
At the time of writing, the EUR was up by 0.01% to $1.1848.
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
Earlier this morning, BRC Retail Sales figures were in focus, however.
According to the February BRC report, retail sales was up 9.5% year-on-year. In January, sales had risen 7.1%.
The Pound moved from $1.38231 to $1.38169 upon release of the figures.
At the time of writing, the Pound was down by 0.01% to $1.3823.
It’s another particularly quiet day ahead on the economic calendar. A lack of stats will leave the Dollar in the hands of FOMC member chatter and news from Capitol Hill.
At the time of writing, the Dollar Spot Index was up by 0.14% to 92.440.
There are no material stats to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of market risk sentiment.
At the time of writing, the Loonie was up by 0.05% to C$1.2659 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.