The Bank of Canada and the Loonie are in focus, with economic data on the lighter side elsewhere...
It was another relatively quiet day on the Asian economic calendar this morning. Key stats included January consumer confidence numbers out of Australia.
While the Aussie was under influence, risk appetite returned in spite of the rising risk of a global coronavirus outbreak.
Even if it’s not a global killer, countries shutting borders would impact travel numbers that weigh on global equity markets.
The Westpac Consumer Sentiment Index fell by 1.8% to 93.4 in January. In December, the index had fallen by 1.9% to 95.1.
According to the latest Westpac Report,
The Aussie Dollar moved from $0.68478 to $0.68466 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.10% to $0.6838.
At the time of writing, the Japanese Yen was down by 0.11% to ¥109.99 against the Greenback, with the Kiwi Dollar down by 0.14% to $0.6588.
It’s a particularly quiet day ahead on the economic calendar, with no material stats due out of the Eurozone later today.
The lack of stats will leave the markets to look ahead to tomorrow’s ECB monetary policy decision.
At the time of writing, the EUR was down by 0.02% to $1.1080.
It’s a quieter day ahead on the economic calendar, with economic data limited to January’s CBI Industrial Trend Order numbers…
We’ve seen plenty of sensitivity to the CBI numbers since the EU referendum result, so expect more of the same later today.
At the time of writing, the Pound was down by 0.03% to $1.3046.
It’s a relatively quiet day on the data front, with stats limited to December existing home sales figures.
With inventories a major influence, we expect the numbers to have a muted influence on the Dollar.
The focus will continue to be on Davos and the Oval Office.
Extradition hearings got underway this week, with Meng Wanzhou facing the prospects of being sent to the U.S. Beijing will likely respond to any ruling in favor of extradition.
The Dollar Spot Index was up by 0.12% to 97.652 at the time of writing.
It’s a big day ahead on the economic calendar. While wholesale sales figures and house price figures are due out, the focus is on the Bank of Canada…
Recent GDP numbers support a more dovish outlook, but with the USMCA now in place, there’s the hope of better days ahead. Uncertainty over the Bank of Canada’s stance pressured the Loonie in the early hours, however.
December inflation figures are also due out ahead of the BoC decision, which will garner some interest.
The Loonie was down by 0.15% at C$1.3090 against the U.S Dollar, at the time of writing.
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.