Economic Data Puts the Pound, the Loonie, and the Greenback in Focus

Earlier in the Day:

It was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early hours.

For the Kiwi Dollar

Electronic card retail sales tumbled by 19.8% in August. Sales had increased by a modest 0.7% in July.

According to NZ Stats,

• Lockdown measures introduced in the 2^nd half of the month left spending down.
• In spite of the tumble, the fall in card retail sales was only half of that seen in April 2020.
• Spending on consumables was the only category that saw an increase in spending, up 9.3%. Supermarkets and grocery stroed remained open, supporting the pickup in spending.
• Durable spending slumped by 35.5%, however.

The Kiwi Dollar moved from $0.71066 to $0.71056 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.01% to $0.71062.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.06% to ¥109.790 against the U.S Dollar, while the Aussie Dollar was flat at $0.7368.

The Day Ahead

For the EUR

It’s a quiet day ahead on the economic calendar.  Finalized inflation figures from Germany are due out going into the European open.

Barring a material revision from prelim figures, however, we don’t expect the numbers to influence. Further market reaction to the ECB policy decision and press conference is likely early in the day.

At the time of writing, the EUR was flat at $1.1825.

For the Pound

It’s a busy day ahead on the economic calendar. Industrial and manufacturing production figures are due out along with trade data. GDP numbers for August are also due out and will draw plenty of interest.

While we can expect the manufacturing production and GDP figures to be key, there will also be plenty of interest on the trade data.

Following Brexit and ongoing issues, the markets continue to assess near to medium term impact on the UK economy.

At the time of writing, the Pound was flat at $1.3837.

Across the Pond

It’s a relatively quiet day ahead on the economic data front. Wholesale inflation figures for August will be in focus later in the day.

With inflation still a hit topic, expect plenty of interest and market sensitivity to the numbers.

On Thursday, the U.S Dollar Spot Index fell by 0.19%  to end the day at 92.479.

For the Loonie

It’s a busy day ahead for the Loonie.

August employment figures are due out later today. With little else for the markets to consider on the day, expect plenty of sensitivity to the numbers at the time of release.

Market sentiment towards the global economic outlook will remain the key driver, however.

At the time of writing, the Loonie was up by 0.02% to C$1.2662 against the U.S Dollar.

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