FXEMPIRE
All

U.S Retail Sales and Philly FED Manufacturing Numbers Keep the Dollar in Focus

Economic data from the U.S will be in focus later today, with stats out of the Eurozone on the lighter side.
Bob Mason
Arms trade business concept.

Earlier in the Day:

It was a relatively quiet day on the Asian economic calendar this morning. The Kiwi Dollar was in action, with electronic card retail sales in focus early in the day.

With stats on the lighter side, the markets also reacted to the signing of the U.S – China phase 1 trade agreement.

For the Kiwi Dollar

Electronic card retail sales slid by 0.8%, month-on-month, in December, partially reversing a 2.9% rise in November. Economists had forecast a 0.2% fall.

According to NZStats,

  • Consumers spent less on long-lasting goods such as furniture, hardware, and appliances after a jump in November.
  • Across the 6 retail industries, spending fell in 4. The sales of furniture, hardware, appliances, and sports and recreational goods fell by 2.5%.
  • Fuel (-1.3%) and clothes and shoes (-1.9%) sales also fell in December.
  • Spending on food and beverage services and accommodation (0.4%) and sales of groceries and liquor (0.2%) saw minor gains.
  • Year-on-year, sales were up 3.9%, coming in well ahead of a forecasted 2.1% rise.

The Kiwi Dollar moved from $0.66144 to $0.66168 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.20% to $0.6631.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.01% to ¥109.91 against the greenback, while the Aussie Dollar was up by 0.13% to $0.6911.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar, with finalized German inflation figures for December due out.

We expect the numbers to have a muted impact, however, with focus likely to be on the phase 1 trade agreement.

Car registration figures will garner some attention, however, with numbers due out of France, Germany, and Italy.

With tariffs in place and forecasts from China negative for car sales, any hint of U.S tariffs on EU goods would weigh heavily. The U.S President will be looking to detract the markets and the news media from the impeachment trial…

On the monetary policy front, while the ECB meeting minutes are due out, ECB President Lagarde may draw greater interest late in the day. The ECB President is scheduled to speak after the European close.

At the time of writing, the EUR was up by 0.04% to $1.1154.

For the Pound

It’s a quiet day ahead on the economic calendar, with no material stats due out of the UK to provide the Pound with direction.

Economic data has been particularly disappointing this week, raising the chances of a rate cut at the end of the month.

In spite of the doom and gloom, however, the Pound has managed to hold onto $1.30 levels. Any upside is expected to remain capped though, with uncertainty over Brexit and sentiment towards monetary policy negatives.

At the time of writing, the Pound was up by 0.04% to $1.3042.

Across the Pond

It’s a busy day on the data front. Key stats include December’s retail sales and January’s Philly FED Manufacturing numbers.

We can expect the focus to be on the retail sales figures, with domestic consumption key for growth.

Barring a spike, the weekly jobless claims figures will likely have a muted impact on the day.

On the geopolitical front, with the phase 1 trade agreement out of the way, we may see interest in Trump’s impeachment trial rise…

The Dollar Spot Index was down by 0.03% to 97.199 at the time of writing.

For the Loonie

It’s another quiet day on the economic calendar. There are no material stats scheduled for release to provide the Loonie with direction.

The lack of stats will continue to leave the Loonie in the hands of market risk sentiment and influence on crude oil prices.

The Loonie was flat at C$1.3042 against the U.S Dollar, at the time of writing.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US