U.S Nonfarm Payrolls, ECB President Lagarde, and FED Chair Powell in Focus

Earlier in the Day:

It was a quieter start to the day on the economic calendar this morning. The Japanese Yen was in action this morning.

For the Japanese Yen

Household spending was in focus this morning. In April, spending rose by 0.1%, month-on-month, following a 7.2% jump from March. Economists had forecast a 2.2% decline.

Year-on-year, household spending was up 13.0%, coming in ahead of a forecasted 9.3%. In March, spending had been up by 6.2%.

The Japanese Yen moved from ¥110.286 to ¥110.263 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.01% to ¥110.27 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was up by 0.03% to $0.7660, with the Kiwi Dollar up by 0.04% to $0.7149.

The Day Ahead

For the EUR

It’s a relatively quiet day ahead on the economic data front. Eurozone retail sales figures for April are due out along with construction PMI figures for Germany.

Expect the Eurozone’s retail sales figure to have a greater impact on the EUR.

On the monetary policy front, ECB President Lagarde is also scheduled to speak later in the day.

At the time of writing, the EUR was up by 0.03% to $1.2131.

For the Pound

It’s a quiet day ahead on the economic calendar. Construction PMI figures for May are due out later this morning.

Barring particularly dire numbers, the numbers are unlikely to have a material impact on the Pound, however.

At the time of writing, the Pound was up by 0.02% to $1.4109.

Across the Pond

It’s a busy day ahead on the economic calendar. Labor market figures for May are due out later today. Expect May’s unemployment rate and nonfarm payroll figures to be key on the day.

Numbers aligned with the ADP nonfarm employment change figures for May would support the Dollar.

Later in the session, factory orders for April are also due out but are unlikely to influence market risk sentiment.

On the monetary policy front, FED Chair Powell is scheduled to speak ahead of today’s labor market numbers. Expect any forward guidance on monetary policy or views on the economic outlook to be key.

On Thursday, the Dollar Spot Index ended the day up by 0.67% to 90.512.

For the Loonie

It’s a relatively busy day ahead on the economic data front. Employment figures and Ivey PMI numbers for May are due out.

Expect May’s employment change and unemployment rate to be key on the day.

At the time of writing, the Loonie was flat at C$1.2107 against the U.S Dollar.

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