Wholesale Inflation and Jobless Claims from the U.S Puts the Dollar Back in FocusEconomic data from the U.S will be back in the spotlight later today. On the monetary policy front, any policy chatter from the Bank of England will also need monitoring.
Earlier in the Day:
It was a quiet start to the day on the economic calendar this morning. There were no major stats to provide the majors with direction early in the day.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic data front. There are no material stats due out to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of market risk sentiment on the day. Barring any market shocks, however, any downside for the EUR should be limited, with optimism continuing to deliver support. This was evidenced in the post U.S inflation data bounce back on Wednesday.
At the time of writing, the EUR was up by 0.12% to $1.2087.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are also no material stats to provide the Pound with direction.
On the monetary policy front, BoE MPC member Cunliffe and BoE Governor Bailey are scheduled to speak. Expect any chatter on the economic outlook and monetary policy to draw interest.
At the time of writing, the Pound was up by 0.16% to $1.4077.
Across the Pond
It’s a relatively busy day ahead on the economic calendar. Wholesale inflation and weekly jobless claims figures are due out later in the day.
While wholesale inflation figures will influence, the jobless claims figures will be key on the day.
Following the disappointing NFP numbers for April, any jump in claims would test support for riskier assets.
On the monetary policy front, expect any FOMC member chatter to also draw attention following Wednesday’s inflation figures.
At the time of writing, the Dollar Spot Index was down by 0.04% to 90.678.
For the Loonie
It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
On the monetary policy front, BoC Governor Macklem is due to speak late in the day. Expect any chatter on policy or the economic outlook to influence.
At the time of writing, the Loonie was up by 0.24% to C$1.2105 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.