While economic data from Germany and the U.S will be in focus today, COVID-19 vaccine and Omicron news will remain a key driver as mixed reports continue to hit the news wires.
It was a relatively busy start to the day on the economic calendar this morning. The Japanese Yen was in action early this morning, with inflation figures from China also in focus.
In the 4th quarter, the BSI Large Manufacturing Conditions Index rose from 7.0 to 7.9. Economists had forecast a fall to 5.3.
The Japanese Yen moved from ¥113.702 to ¥113.719 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.09% to ¥113.770 against the U.S Dollar.
In November, China’s annual rate of inflation accelerated from 1.5% to 2.3%. Economists had forecast an annual rate of inflation of 2.5%. Month-on-month, consumer prices increased by 0.4% versus a forecasted 0.3% rise. In October, consumer prices had risen by 0.7%.
Significantly, however, was softer wholesale inflation. In November, the annual wholesale rate of inflation eased from 13.5% to 12.9. Economists had forecast an annual wholesale rate of inflation of 12.4%.
The Aussie Dollar moved from $0.71628 to $0.71687 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.10% to $0.7165.
At the time of writing, the Kiwi Dollar was down by 0.07% to $0.6804.
It’s a quiet day ahead on the economic calendar. German trade data will be in focus going into the European open. With little else for the markets to consider and supply chain disruption evident, expect the numbers to influence.
At the time of writing, the EUR was down by 0.05% to $1.1337.
It’s a particularly quiet day ahead on the economic calendar. There are no major stats due out of the UK to provide the Pound with direction.
The lack of stats will leave COVID-19 news updates and central bank chatter to influence.
At the time of writing, the Pound was down by 0.02% to $1.3201.
It’s a relatively quiet day ahead. Jobless claims figures will be in focus later in the day. Following weaker than expected NFP numbers last week, expect a jump in claims to test support for riskier assets.
At the time of writing, the Dollar Spot Index was down by 0.10% to 95.994.
It’s a particularly quiet day ahead on the economic data front. There are no major stats to consider, leaving the Loonie in the hands of market risk sentiment.
At the time of writing, the Loonie was down by 0.05% to C$1.2660 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.