Economic Data Puts the EUR and the USD in Focus, with COVID-19 News Updates also Key

·2 min read

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar was in action this morning.

For the Aussie Dollar

It was a relatively busy morning, with finalized retail sales and trade data in focus.

In October, retail sales rose by 4.9%, which was in line with prelim figures. Retail sales had risen by 1.3% in September.

Australia’s trade surplus, narrowed from A$11.82bn to A$11.22bn in October, however.

According to the ABS,

  • Goods and services exports fell 3% to A$1,491m, with the decline stemming from falling iron ore prices.

  • Goods and services imports fell by 3% to A$887m, the decline attributed to a fall in the imports of capital goods.

The Aussie Dollar moved from $0.71097 to $0.71045 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.06% to $0.7101.

Elsewhere

At the time of writing, the Japanese Yen was down by 0.17% to ¥112.970 against the U.S Dollar, while the Kiwi Dollar was up by 0.04% to $0.6812.

The Day Ahead

 

For the EUR

It’s a quiet day ahead on the economic calendar. Eurozone unemployment figures for October will be in focus in the early part of the European session.

Barring an unexpected pickup in the unemployment rate, however, the numbers should have a muted impact on the EUR.

Alongside the unemployment figures, wholesale inflation figures for the Eurozone may garner more interest, however.

Expect central bank chatter and news updates on COVID-19 to remain key drivers.

At the time of writing, the EUR was flat at to $1.1320.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. The lack of stats will leave the Pound in the hands of COVID-19 chatter and market risk sentiment on the day.

At the time of writing, the Pound was flat at $1.3279.

Across the Pond

It’s a relatively quiet day ahead. Weekly jobless claims figures will be in focus later in the day. Following a fall back to sub-200k levels, the markets will be looking for the downward trend to continue ahead of tomorrow’s NFP numbers.

At the time of writing, the Dollar Spot Index was up by 0.02% to 96.051.

For the Loonie

It’s a quiet day ahead, with no major 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, with OPEC’s meeting in focus.

At the time of writing, the Loonie was down by 0.01% to C$1.2819 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

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting