It's a relatively quiet day on the economic calendar. The BoC is in action later today, however, with U.S inflation figures likely to also garner plenty of interest.
It’s was another busy start to the day on the economic calendar this morning. The Aussie Dollar and Kiwi Dollar were in action early this morning. There was also economic data from China to consider.
Retail sales figures were in focus early this morning.
In February, electronic card retail sales slid by 2.5%, month-on-month, following an upwardly revised 0.3% decline from January.
According to NZ Stats,
The Kiwi Dollar moved from $0.71734 to $0.71689 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.01% to $0.7166.
Consumer sentiment was in focus following yesterday’s business confidence figures.
In March, the Westpac Consumer Sentiment Index rose by 2.6% to 111.8, following a 1.9% increase in February.
According to the latest Westpac Report,
Looking at the sub-Indexes
The Aussie Dollar moved from $0.77161 to $0.77177 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.09% to $0.7707.
Consumer prices rose by 0.6% in February, month-on-month, following a 1.0% increase in January. Economists had forecast a 0.4% rise.
Year-on-year, consumer prices were down by 0.2%. In January, consumer prices had been down by 0.3% year-on-year.
Wholesale inflationary pressures picked up in February, with the Producer Price Index rising by 1.7% year-on-year. In January, the PPI had risen by 0.3%. Economists had forecast a 1.5% rise.
At the time of writing, the Japanese Yen was down by 0.13% to ¥108.62 against the U.S Dollar.
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of market risk sentiment on the day as the markets look ahead to tomorrow’s ECB policy decision.
At the time of writing, the EUR was down by 0.06% to $1.1894.
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
While market risk sentiment will continue to influence, support from an easing of COVID-19 containment measures should continue to limit the downside.
At the time of writing, the Pound was down by 0.08% to $1.3881.
It’s a relatively quiet day ahead on the economic calendar. Inflation figures for February are due out later today.
With market sensitivity to reinflation persisting, expect plenty of influence from today’s figures.
At the time of writing, the Dollar Spot Index was up by 0.07% to 92.019.
There are no material stats to provide the Loonie with direction. While there are no material stats, the Bank of Canada delivers its March monetary policy decision later today.
While no interest rate cut is anticipated, forward guidance will be key, putting a greater emphasis on the Rate Statement.
At the time of writing, the Loonie was down by 0.07% to C$1.2647 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.