It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns...
Economic data released during the Asian session this morning was on the busier side. Key stats included Japan’s June trade figures and Australia’s June employment numbers. The National Bank of Australia also released its quarterly business confidence survey results.
Japan’s trade balance recovered from a ¥968.3bn deficit to a ¥589.5 surplus in June. Economists had forecast a surplus of ¥420bn.
According to figures released by the Ministry of Finance,
The Japanese Yen moved from ¥107.943 to ¥107.945 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.24% to ¥107.69 against the U.S Dollar.
June employment figures provided the Aussie Dollar with direction in the early hours. According to figures released by the ABS,
The NAB’s Quarterly Business Confidence Index increased from 0 to +6 in the 2nd quarter. According to the latest survey,
The Aussie Dollar moved from $0.0.7012 to $0.70194 upon release of the figures. At the time of writing, the Aussie Dollar up by 0.34% to $0.7034.
At the time of writing, the Kiwi Dollar was up by 0.19% to $0.6744.
It’s a quiet day ahead on the economic calendar. With no material stats due out on the day, the focus will be on Philly FED manufacturing PMI numbers due out of the U.S later today.
Outside of the stats, market sentiment towards the U.S economy and updates from the U.S – China trade talks will also be in focus.
At the time of writing, the EUR was up by 0.13% to $1.1239.
It’s another big day ahead, with the UK’s retail sales figures due out later this morning.
Following particularly disappointing BRC retail sales figures the numbers will need to impress to support the Pound.
Outside of the numbers, the result of the Conservative Party leadership race is just around the corner. Any chatter from Parliament will also need to be considered
At the time of writing, the Pound was up by 0.06% to $1.2441.
July’s Philly FED Manufacturing figures are due out later this morning. We can expect the Dollar to be sensitive to the numbers.
Barring particularly dire numbers, we expect the weekly jobless claims figures to have a muted impact on the Dollar.
Outside of the numbers, chatter from the Oval Office will also need to be considered on the day along with corporate earnings.
At the time of writing, the Dollar Spot Index was down by 0.13% to 97.097.
It’s a quiet day ahead, with no material stats due out of Canada later today.
A lack of stats leaves the crude oil prices and market risk sentiment to provide direction on the day.
The Loonie was up 0.01% at C$1.3053, 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.