Economic Data Puts the EUR and the U.S Dollar in the Spotlight

Earlier in the Day:

It was a relatively busy day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action this morning.

For the Kiwi Dollar

Building consents slid by 18.2% in February, following a revised 1.5% rise in January, month-on-month.

According to NZ Stats,

• Fewer multi-unit home consents than in the previous month contributed to the largest decline since March 2020.
• The annual number of new homes consented in the year ended Feb-2021 was up by 4.9% from the same period in 2020, however.

The Kiwi Dollar moved from $0.69963 to $0.69954 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.10% to $0.7006.

For the Japanese Yen

The jobs to applications ratio and retail sales figures drew attention this morning.

In February, the jobs / applications ratio fell from 1.10 to 1.09. Economists had forecast the ratio to hold steady at 1.10.

Of greater significance, however, were retail sales figures for February.

According to the Ministry of Economy, Trade and Industry, retail sales fell by 1.5% in February, year-on-year, following a 2.4% in January. Economists had forecast sales to fall by 2.8%.

The Japanese Yen moved from ¥109.823 to ¥109.814 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.07% to ¥109.89 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was up by 0.04% to $0.7636.

The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic calendar. Prelim March inflation figures for Spain and Germany are due out later today.

Expect Germany’s inflation numbers to garner the greatest interest.

Away from the economic calendar, COVID-19 news updates from the Eurozone will continue to be an area of focus.

At the time of writing, the EUR was up by 0.03% to $1.1768.

For the Pound

It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.

The lack of stats will leave market risk sentiment to influence.

At the time of writing, the Pound was flat at $1.3762.

Across the Pond

It’s a busier day ahead on the economic calendar. House price figures for January are due out ahead of consumer confidence figures for March.

Expect the CB Consumer Confidence figures to have the greatest impact on the Dollar and market risk sentiment.

There will likely be more interest than usual in the house price figures, however. Mortgage rates rose for a 6^th consecutive week last week. A continued rise in house prices amidst strong demand and supply constraints, coupled with rising rates is beginning to impact the sector.

Geopolitics and chatter from Capitol Hill will also remain an area of focus.

At the time of writing, the Dollar Spot Index was down by 0.03% to 92.917.

For the Loonie

It’s another quiet on the economic calendar. 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 market risk sentiment on the day.

At the time of writing, the Loonie was down by 0.05% to C$1.2597 against the U.S Dollar.

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