A Quiet Economic Calendar Leaves Monetary Policy Chatter in Focus

·3 min read

Earlier in the Day:

It was a relatively quiet start to the week on the economic calendar this morning. The Aussie dollar was in focus in the early hours, with the Bank of China also in action this morning.

For the Aussie Dollar

Retail sales increased by 0.1% in May versus a forecasted 0.5% increase. In April, retail sales had increased by 1.1%.

According to the ABS,

  • Food retailing rose by 1.5% to lead the way, while household goods (-1.0%) and clothing, footwear, & personal accessory retailing (-1.5%) weighed.

  • Coronavirus restrictions in Victoria led to a 1.5% fall in retail sales across the state.

  • Year-on-year, sales was up 7.4% in May 2021 compared with May 2020. In April, sales had surged by 25% year-on-year.

The Aussie Dollar moved from $0.75059 to $0.75054 upon release of the figures, with the markets also awaiting the PBoC’s loan prime rate settings. At the time of writing, the Aussie Dollar was up by 0.32% to $0.7503.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.04% to ¥110.17 against the U.S Dollar, with the Kiwi Dollar up by 0.25% to $0.6953.

The Day Ahead

For the EUR

It’s a particularly quiet day ahead on the economic data front. There are no material stats due out of the Eurozone to provide the EUR with direction.

While there are no material stats to consider, ECB President Lagarde is scheduled to speak later in the day.

Any chatter on the economic outlook and monetary policy would influence.

At the time of writing, the EUR was down by 0.03% to $1.1861.

For the Pound

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

There are no material stats due out of the UK to provide the Pound with direction.

With the BoE in action later in the week, COVID-19 news updates will influence. Rising cases of the Delta variant could further delay the government’s reopening plans in a month’s time. Much will depend upon progress on the vaccine front for the younger population.

At the time of writing, the Pound was up by 0.01% to $1.3812.

Across the Pond

It’s a quiet day ahead on the economic calendar. There are no material stats due out of the U.S to provide the Dollar and the broader markets with direction.

A lack of stats will leave FOMC member chatter and any news from Capitol Hill in Focus.

At the time of writing, the Dollar Spot Index was up by 0.02% to 92.248.

For the Loonie

It’s also a particularly quiet day ahead on the economic data front. There are no material stats due out 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 up by 0.08% to C$1.2455 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

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