Inflation figures from Canada and the Eurozone will draw interest ahead of the FED's monetary policy decision and projections.
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in focus early on.
Current account figures were in focus.
In the 4th quarter, New Zealand’s current account deficit narrowed from NZ$3.52bn to NZ$2.70bn, quarter-on-quarter. Economists had forecast a narrowing to NZ$2.88bn.
Year-on-year, the deficit remained unchanged at NZ$2.55bn. Economists had forecast a widening to NZ$2.59bn.
The Kiwi Dollar moved from $0.71891 to $0.71896 upon release of the figures and minutes. At the time of writing, the Kiwi Dollar was down by 0.14% to $0.7178.
Trade figures were in focus this morning.
In February, Japan’s trade balance rose from a ¥325.4bn deficit to a ¥217.38bn surplus. Economists had forecast surplus of ¥420.0bn.
According to figures released by the Ministry of Finance,
The Japanese Yen moved from ¥109.054 to ¥109.017 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.12% to ¥109.13 against the U.S Dollar.
At the time of writing, the Aussie Dollar was down by 0.23% to $0.7728.
It’s a relatively quiet day on the economic calendar. Finalized February inflation figures for the Eurozone are due out later today.
Expect any revisions to prelim figures to influence.
Away from the economic calendar, COVID-19 news will also be in focus ahead of the FOMC decision and projections late in the day.
At the time of writing, the EUR was down by 0.07% to $1.1895.
It’s yet also another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
With no stats to consider, the Pound will also be in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.06% to $1.3882.
It’s a relatively busy day ahead on the economic calendar. On the economic data front, house price figures for February are due out later today.
Housing starts and building permit figures are unlikely to have too much influence, however.
The markets will be looking ahead to the FOMC monetary policy decision and, more importantly, the FOMC projections.
FED Chair Powell has attempted to calm market fears of a shift in policy as a result of reinflation. The projections and forward guidance will therefore be key.
At the time of writing, the Dollar Spot Index was up by 0.07% to 91.925.
It’s a relatively busy day on the economic calendar. Inflation figures for February are due out.
Expect Loonie sensitivity to the numbers.
Crude oil inventory numbers will also influence.
At the time of writing, the Loonie was down by 0.07% to C$1.2457 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.