U.S GDP Numbers, Corporate Earnings and Trade War Chatter in Focus

A light economic calendar leaves U.S GDP numbers and corporate earnings in focus. Any chatter on trade, Brexit and Iran will also be of influence.
Bob Mason
Currency exchange notice board

Earlier in the Day:

It was another quiet Asian session this morning, with Tokyo’s July inflation numbers the only stats to provide direction in the early hours.

Outside of the stats, the markets responded further to the ECB’s monetary policy decision on Thursday and corporate earnings results.

For the Japanese Yen

Tokyo’s core annual rate of inflation held steady at 0.9% in July, coming in ahead of a forecasted 0.8%. According to consumer price figures released by the Ministry of Internal Affairs and Communication,

  • Prices for transportation and communication fell by 1.1%, the only drag on inflation in July.
  • Providing support were increased in prices for fuel, light and water charges (+2.8%) and for furniture and household goods (+2.6%).
  • Prices for culture and recreation (+1.4%) and for clothes and footwear (+1.2%) also contributed.

The Japanese Yen moved from ¥108.644 to ¥108.671 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.01% to ¥108.64 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was down by 0.13% to $0.6942, while the Kiwi Dollar was down by 0.14% to $0.6655.

In the Asian equity markets, it was a mixed bag for the majors. The Nikkei and ASX200 fell by 0.48% and by 0.27% respectively. At the time of writing, the Hang Seng was down by 0.43%, while CSI300 bucked the trend, rising by 0.16%

The Day Ahead:

For the EUR

It’s a quiet day ahead for the EUR, with no material stats due out of the Eurozone.

A lack of stats will leave the markets to consider Thursday’s ECB monetary policy decision, forward guidance and what lies ahead for the FED.

On the geopolitical front, market sentiment towards next week’s trade talks, Iran and Corporate earnings will also be a factor.

At the time of writing, the EUR was down by 0.01% to $1.1146.

For the Pound

There are no material stats due out today, leaving the Pound firmly in the hands of Brexit.

With the UK Parliament in summer recess, sentiment towards Brexit, the new British PM, and BoE monetary policy will be the key drivers.

At the time of writing, the Pound was down by 0.18% to $1.2435.

Across the Pond

While it’s a relatively quiet day ahead, 2nd estimate GDP numbers due out of the U.S will have an impact. Forecasts are for a sharp downward revision from 1st estimates that could raise the stakes for a higher than priced in FED rate cut.

Outside of the stats, there’s also Trump and the U.S – China trade war to consider and Iran.

At the time of writing, the Dollar Spot Index was down by 0.01% to 97.805.

For the Loonie

It’s another quiet day ahead, with no material stats due out of Canada. The lack of stats continues to leave the Loonie in the hands of crude oil prices.

As central banks become more dovish, some more than others, will the Bank of Canada join in…

The Loonie was up by 0.02% at C$1.3162, against the U.S Dollar, at the time of writing.

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