Economic Data from the Eurozone and the U.S to Put the EUR and the Dollar in the Spotlight

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action, with economic data from the UK also in focus.

For the Kiwi Dollar

Electronic card retail sales jumped by 10.1% in October. In September, electronic card retail sales had risen by 1.0%.

According to NZ Stats,

• Durable goods spending rose by 11.5%, while spending on groceries and liquor fell by 0.2% to buck the trend.
• Easing of COVID-19 restrictions supported a pickup in spending at the start of the 4^th

The Kiwi Dollar moved from $0.71670 to $0.71613 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.21% to $0.7152.

For the Aussie Dollar

In October, the NAB Business Confidence Index increased from 10 to 21, coming in ahead of a forecasted 15.

According to the October Survey,

• Easing of the latest lockdown measures drove confidence at the start of the quarter.
• Capacity utilization recovered in October, rising back to 81.5%, with forward orders rebounding to +15 index points.
• In September, forward orders had been negative.
• Inflation indicators remained elevated, with purchase cost growth hitting decade highs, with labor costs growth accelerating.

The Aussie Dollar moved from $0.74073 to $0.74034 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.32% to $0.7399.

Elsewhere

At the time of writing, the Japanese Yen was flat at ¥113.230 against the U.S Dollar.

The Day Ahead

For the EUR

It’s a busy day ahead on the economic calendar. German trade data will be in focus going into the European session. Barring particularly dire numbers, the figures should have a limited impact on the EUR.

Later in the morning, ZEW Economic sentiment figures for Germany and the Eurozone will influence, however.

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

At the time of writing, the EUR was down by 0.06% to $1.1580.

For the Pound

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

In the early part of the Asian session, retail sales were in focus, however.

In October, the BRC Retail Sales Monitor slipped by 0.2% year-on-year. The Retail Sales Monitor had been down by 0.6% in September.

At the time of writing, the Pound was down by 0.06% to $1.3555.

Across the Pond

It’s a quiet day ahead on the economic calendar.

Wholesale inflation will draw plenty of attention, however. With supply-chain disruption persisting, a further pickup in wholesale inflation could test the transitory theory.

On the monetary policy front, FED Chair Powell is scheduled to speak.

On Monday. the U.S Dollar Spot Index fell by 0.29% to 94.049.

For the Loonie

It’s a quiet day ahead. There are no material stats due out of Canada to provide the Loonie with direction.

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

At the time of writing, the Loonie was down by 0.12% to C$1.2457 against the U.S Dollar.

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