While the U.S markets are closed today, service sector PMIs from the Eurozone and the UK will draw interest. COVID-19 news will also need considering on the day.
It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar and the Japanese Yen were in action, with economic data from China also in focus.
Finalized service sector PMI numbers were out in the early hours.
In June, the Services PMI rose from 46.2 to 48.0, which was up from a prelim 47.2.
According to the June Survey,
The Japanese Yen moved from ¥111.165 to ¥111.160 upon release of the data. At the time of writing, the Japanese Yen was flat at ¥111.050 against the U.S Dollar.
Building approvals and retail sales were in focus this morning.
In May, building approvals slid by 7.1%, following a 5.7% decline in April. Economists had forecast a 5.5% decline.
More significantly, however, retail sales rose by 0.4% in May, which was up from a prelim 0.1% increase.
According to the ABS,
The Aussie Dollar moved from $0.75184 to $0.75168 upon release of the figures that preceded data from China. At the time of writing, the Aussie Dollar was down by 0.07% to $0.7521.
The services sector was in focus this morning.
In June, the Caixin Services PMI fell from 55.0 to 50.3 in June, which was worse than a forecasted decline to 55.0.
According to the June Survey,
The Aussie Dollar moved from $0.75168 to $0.75185 upon release of the figures.
At the time of writing, the Kiwi Dollar was down by 0.01% to $0.7025.
It’s a busy day ahead on the economic data front. Service sector PMIs for Italy and Spain will draw interest in the early part of the European session.
Finalized PMIs from France, Germany, and the Eurozone will also be in focus. Barring marked revisions from prelim figures, however, expect Italy, Spain, and the Eurozone’s PMIs to be the key drivers.
At the time of writing, the EUR was down by 0.04% to $1.1860.
It’s a quiet day ahead on the economic calendar. June’s finalized service PMI will provide direction later today.
With the UK government struggling to contain the spread of the Delta variant, expect any revisions to influence.
Away from the economic calendar, updates on any government plans to ease lockdown measures will also provide direction.
At the time of writing, the Pound was up by 0.04% to $1.3829.
There were no stats due out of the U.S, with the U.S markets closed today.
At the time of writing, the Dollar Spot Index was up by 0.10% to 92.320.
It’s a particularly quiet day ahead on the economic data front. There are no material stats to provide the Loonie with direction. A lack of stats will leave the Loonie in the hands of market risk sentiment on the day.
At the time of writing, the Loonie was down by 0.10% to C$1.2334 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.