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

Earlier in the Day:

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

For the Aussie Dollar

Retail sales figures were in focus. In July, retail sales rose by 3.2%, following on from a 2.7% rise in June. Economists had forecast a 3.3% rise.

According to the ABS,

• Household goods (4.0%), other retailing (4.4%), and food (1.2%) saw sizeable increases in sales.
• Turnover in clothing, footwear, and personal accessory retailing (7.1%) and cafes, restaurants, and takeaway food services (4.9%) also increased.
• Online sales made up 9.8% of total retail turnover, up marginally from 9.7% in June. In July 2019, online retail turnover had contributed 6.3% to total retail.
• Retail sales in July were 12.0% above July 2019. The sales of household goods surged by 29.4% above the same month in 2019.

The Aussie Dollar moved from $0.72751 to $0.72693 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.01% to $0.7274.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.07% ¥106.12 against the U.S Dollar, while the Kiwi Dollar was down by 0.07% to $0.6707.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. Key stats include German factory orders for July and construction PMI numbers for August.

Expect the factory order figures to have the greatest impact on the day.

On the monetary policy front, ECB member Lane, who contributed to the EUR pullback earlier in the week, is also scheduled to speak later in the day.

Ahead of next week’s policy decision, the threat of more jawboning may continue to leave the EUR on the defensive.

At the time of writing, the EUR was down by 0.03% to $1.1848.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. August’s construction PMI is due out later this morning.

Following gloomy chatter from Bank of England monetary policy committee members on Wednesday, any downward revisions would weigh on the Pound.

Ahead of more meaningful stats next week, however, any Brexit chatter will likely have a greater impact on the day.

On the monetary policy front, MPC member Saunders is scheduled to speak. Expect any dovish chatter to also influence.

At the time of writing, the Pound was down by 0.02% to $1.3279.

Across the Pond

It’s another busy day ahead for the U.S Dollar. Key stats include August’s non-farm payrolls and the unemployment rate.

Following some unimpressive ADP numbers from Wednesday, today’s figures will need to impress. The weekly jobless claims figures from Thursday will have provided some optimism ahead of today’s figures.

Away from the economic calendar, any chatter from Washington will also need monitoring. It’s Friday, which tends to be one of Trump’s more favorite tweeting days…

The Dollar Spot Index was up by 0.03% to 92.764 at the time of writing.

For the Loonie

It’s also a busy day ahead on the economic data front. Key stats include August employment numbers and the Ivey PMI.

We can expect both sets of numbers to influence ahead of the BoC monetary policy decision next week.

From elsewhere, any dire stats from the U.S would likely limit any upside for the Loonie.

At the time of writing, the Loonie was up by 0.05% to C$1.3121 against the U.S Dollar.

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