Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. Inflation figures from China were in focus this morning. With stats on the quieter side, the markets also responded further FED Chair Powell’s testimony from Tuesday.
From China
In December, China’s annual rate of inflation softened from 2.3% to 1.5%. Economists had forecast an annual rate of inflation of 1.8%. Month-on-month, consumer prices fell by 0.3% versus a forecasted 0.2% increase. Consumer prices had risen by 0.4% in November.
Wholesale inflationary pressures also softened. China’s annual wholesale rate of inflation eased from 12.9% to 10.3%. Economists had forecast an annual wholesale rate of inflation of 11.1%.
The Aussie Dollar moved from $0.72069 to $0.72098 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.01% to $0.7211.
Elsewhere
At the time of writing, the Kiwi Dollar was flat at $0.6786, with the Japanese Yen flat at ¥115.300 against the U.S Dollar.
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For the EUR
It’s a quiet day ahead on the economic calendar. Industrial production figures for the Eurozone are due out later today. With little else to consider, we can expect some EUR sensitivity to the numbers.
At the time of writing, the EUR was down by 0.01% to $1.1366.
For the Pound
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats from the UK to provide the Pound with direction later today.
At the time of writing, the Pound was down by 0.04% to $1.3630.
Across the Pond
It’s a big day ahead, with December inflation figures due out later today. We can expect plenty of market sensitivity to the numbers, with persistent inflationary pressure expected to lead to more aggressive moves to curb inflation.
At the time of writing, the U.S Dollar Spot Index was down by 0.02% to 95.607.
For the Loonie
It’s another quiet day ahead. There are no material stats from Canada to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of crude oil inventories and market risk sentiment on the day.
At the time of writing, the Loonie was up by 0.06% to C$1.2568 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.