Yahoo Finanza Economic Data and Capitol Hill Keep the U.S Dollar in the Spotlight
Earlier in the Day:
It’s was a busy start to the day on the economic calendar this morning. The Kiwi Dollar was in action, along with the Aussie Dollar by proxy, with economic data from China also in focus. Later this morning Tertiary Industry Activity Index numbers are also due out of Japan.
Away from the economic calendar, updates on the U.S stimulus package remained a key driver
Concerns over an extended 2nd wave of the COVID-19 pandemic also lingered as reports of a pickup in new cases hit the news wires.
For the Kiwi Dollar
The Business PMI increased from 56.3 to 58.8 in July.
The Kiwi Dollar moved from $0.65446 to $0.65478 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.17% to $0.6536. While the PMI was positive, the latest news of new COVID-19 cases was Kiwi Dollar negative.
Out of China
Key stats included July’s retail sales, industrial production, and fixed asset investment figures.
Fixed Asset Investment fell by 1.6%, year-on-year, following a 3.1% fall in June. Economists had forecast a 1.6% decline.
Industrial production increased by 4.8%, year-on-year, following a 4.8% rise in June. Economists had forecast a 5.1% rise.
Retail sales fell by 1.1%, year-on-year, following a 1.8% slide in June. Economists had forecast a 0.1% rise.
The Aussie Dollar moved from $0.71408 to $0.71359 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.17% to $0.7137.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.03% ¥106.96 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include 2nd estimate GDP numbers and trade data for the Eurozone.
Finalized July inflation figures for France are also due out but are likely to have a muted impact on the EUR.
Away from the economic calendar, market risk sentiment will play a hand. Updates from Capitol Hill and the latest COVID-19 numbers will influence.
At the time of writing, the EUR was down by 0.05% to $1.1808.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
A lack of stats will continue to leave the Pound in the hands of any Brexit chatter and market risk appetite.
At the time of writing, the Pound was down by 0.08% to $1.3056.
Across the Pond
It’s a busy day ahead for the U.S Dollar. Key stats include July’s retail sales and industrial production figures and prelim August consumer sentiment figures.
2nd quarter unit labor costs and nonfarm productivity numbers along with June business inventories are also due out. These will likely have a muted impact on the Dollar, however.
Away from the economic calendar, updates from Capitol Hill will also influence on the day.
At the time of writing, the Dollar Spot Index was down by 0.04% to 93.295.
For the Loonie
After a quiet day ahead, with economic data limited to June manufacturing sales figures. We don’t expect the numbers to influence the Loonie, however.
Expect the stats from China and market risk sentiment, in general, to be the key drivers on the day.
At the time of writing, the Loonie was down by 0.07% to C$1.3232 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
