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Bob Mason
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Earlier in the Day:

It’s was a relatively busy start to the week on the economic calendar this morning. The Kiwi Dollar, Japanese Yen, and the British Pound were in action early on.

For the Kiwi Dollar

Electronic card retail sales were in focus in the early hours. In November, electronic card retail sales rose by 0.1%, following an 8.8% jump in October.

Compared with November 2019, total card retail spending rose by 1.4%.

According to NZ Stats,

  • Spending on hospitality (-9.3%) and fuel (-17%) dragged on the headline figure.
  • There were solid increases across the rest of the industries, however.
  • Spending on durables rose by 8.5%, with spending on consumables and apparel rising by 5.3% and by 4.3% respectively.
  • There was also a 5.6% increase in spending on motor vehicles (excl. fuel).

The Kiwi Dollar moved from $0.70232 to $0.70153 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.10% to $0.7014.

For the Japanese Yen

The BSI Large Manufacturing Conditions Index rose from 0.1 to 21.6 in the 4th quarter. In the 3rd quarter, the index had risen from -52.3 to 0.1.

The Japanese Yen moved from ¥104.276 to ¥104.282 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.03% to ¥104.26 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was down by 0.04% to $0.7444.

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The Day Ahead:

For the EUR

It’s a quiet but important day ahead on the economic calendar. While there are no material stats due out to provide the EUR with direction, the ECB is in action later today.

The promise of support has been made, as the Eurozone economy struggles amidst the 2nd wave of the COVID-19 pandemic.

With the markets expecting further easing, the ECB Press Conference will garner plenty of interest.

Away from the economic calendar, COVID-19 and Brexit news updates will also be in focus.

At the time of writing, the EUR was up by 0.01% to $1.2082.

For the Pound

It’s a busy day ahead on the economic calendar. Key stats include October industrial and manufacturing production, trade, and GDP figures. Expect the manufacturing production and GDP figures to have the greatest impact.

With the EU Summit due to take place later today, however, Brexit will be the main area of focus on the day. A lack of concrete progress from Wednesday’s meeting weighed on the Pound early on.

At the time of writing, the Pound was down by 0.10% to $1.3385.

Across the Pond

It’s a relatively busy day ahead on the economic calendar. November inflation and the weekly jobless claims figures are due out.

While the inflation numbers will draw interest, expect the weekly claims figures to have a greater influence on the Dollar and market risk sentiment.

Away from the economic calendar, COVID-19 news and chatter from Capitol Hill will continue to influence.

At the time of writing, the Dollar Spot Index was down by 0.05% to 91.042.

For the Loonie

It’s a quiet day ahead on the economic data front. There are no material stats due out to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of COVID-19 news updates and chatter from Capitol Hill.

At the time of writing, the Loonie was down by 0.02% to C$1.2819 against the U.S Dollar.

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

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