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Bob Mason
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Dollar and euro bank notes on the table

Earlier in the Day:

It’s was a quieter start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the Asian session.

For the Aussie Dollar

Retail sales and trade data for January were in focus this morning.

In January, retail sales increased by 0.5%, month-on-month, partially reversing a 4.1% slide from December.  This was a downward revision from a prelim 0.6% rise.

According to the ABS,

  • Food retailing increased by 1.6%, with household goods retailing up by 0.1% in January.
  • Other retailing increased by 1.4%
  • Clothing, footwear, and personal accessory retailing fell by 3.6%, however, weighed by a 6.1% slide in clothing retailing.
  • Department store sales fell by 0.4%, with cafes, restaurants, and takeaway food services down by 0.8%.

In January, Australia’s trade surplus widened from A$6.785bn to A$10.142bn. Economists had forecast a narrowing to A$6.500bn.

According to the ABS,

  • Goods and services credits increased by A$2,316m (6%) to A$39,849m.
    • General merchandise exports increased by A$2,613m (9%), supported by a sharp increase in the export of non-rural goods.
    • Rural goods exports fell by 8m.
    • Net exports under merchanting fell by A$6m, with non-monetary gold exports falling by A$142m.
  • Debits fell by A$694m (2%) to A$29,707m.
    • General merchandise imports fell by A$577m. Heavy declines in the imports of consumption goods (AS$330m) and intermediate and other merchandise goods (A$229m) weighed.
    • Non-monetary gold imports fell by A$135m.

The Aussie Dollar moved from $0.77658 to $0.77767 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.7778.

Elsewhere

At the time of writing, the Kiwi Dollar was up by 0.07% to $0.7251, while the Japanese Yen was down by 0.05% to ¥107.06 against the U.S Dollar.

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The Day Ahead:

For the EUR

It’s another busy day ahead on the economic calendar. Key stats include Eurozone retail sales and unemployment figures for January.

German construction PMI figures for February are also due out but will likely have a muted impact on the EUR.

At the time of writing, the EUR was down by 0.11% to $1.2050.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. February’s construction PMI is due out later this morning.

We don’t expect too much influence on the Pound, however, which will remain in the hands of market risk sentiment.

At the time of writing, the Pound was down by 0.16% to $1.3932.

Across the Pond

It’s busier day ahead on the economic calendar. Factory orders and the weekly jobless claims figures will likely have the greatest influence.

Unit labor costs and nonfarm productivity numbers for the 4th quarter are also due out but should have a muted impact on the Dollar.

At the time of writing, the Dollar Spot Index was up by 0.11% to 91.049.

For the Loonie

It’s a quiet day ahead. Labor productivity numbers for the 4th quarter are due out later today.

We don’t expect too much influence from the numbers, however.

Market risk sentiment and impact on crude oil prices will remain the key driver ahead of the BoC monetary policy decision next week.

At the time of writing, the Loonie was down by 0.04% to C$1.2660 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

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