It's a busy day ahead. Economic data from China, Germany, and Canada will be in focus. Nonfarm payrolls from the U.S will be the key stat of the day, however.
It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar and the Japanese Yen were in action early this morning, with economic data from China also in focus. Later this morning trade data from China will also be in focus.
In April, the Services PMI rose from 48.3 to 49.5, which was up from a prelim 48.3.
According to the finalized Markit survey,
The Japanese Yen moved from ¥109.051 to ¥109.047 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.01% to ¥109.10 against the U.S Dollar.
There were no material stats to provide the Aussie Dollar with direction this morning. From the RBA, however, the RBA Statement of Monetary Policy provided direction.
Salient points from the Statement included:
The Aussie Dollar moved from $0.77787 to $0.77872 upon release of the statement that preceded trade data from China.
Service PMI figures were in focus this morning.
In April, China’s Caixin Services PMI rose from 54.3 to 56.3.
According to the Markit Survey,
The Aussie Dollar moved from $0.77776 to $0.77918 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.07% to $0.7787.
At the time of writing, the Kiwi Dollar was up by 0.08% to $0.7240.
It’s a relatively busy day ahead on the economic data front. German industrial production and trade data are due out later this morning.
Expect plenty of EUR sensitivity to the numbers following downgrades to 2021 economic growth for Germany.
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 flat at $1.2065.
It’s a relatively quiet day ahead on the economic calendar. April’s construction PMI is due out for the UK.
Following the BoE policy decision and forward guidance, however, we don’t expect the numbers to have a lasting impact.
At the time of writing, the Pound was up by 0.12% to $1.3906.
It’s a busy day ahead on the economic calendar. Labor market figures for April are due out later today.
Expect April’s unemployment rate and nonfarm payroll figures to be the key drivers on the day.
The markets are expecting another marked increase in payrolls…
At the time of writing, the Dollar Spot Index was down by 0.05% to 90.902.
It’s a relatively busy day ahead on the economic calendar. Employment figures and Ivey PMI numbers for April are due out later today.
While the Ivey PMI numbers will influence, changes to employment will likely have the greatest impact on the Loonie.
Away from the economic calendar, market risk sentiment will remain key on the day.
At the time of writing, the Loonie was down by 0.04% to C$1.2154 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.