Economic Data Puts the EUR and the Greenback in Focus

Earlier in the Day:

It’s was a quiet start to the day on the economic calendar this morning. There were no material stats to provide direction in the early part of the day.

A lack of stats left the markets to respond to the latest COVID-19 vaccine news from the U.S. Talks of the U.S administration looking to fast track an Oxford University vaccine supported risk appetite early on.

For the Majors

At the time of writing, the Japanese Yen was up by 0.06% ¥106.04 against the U.S Dollar. The Aussie Dollar was up by 0.17% to $0.7175, with the Kiwi Dollar up by 0.09% to $0.6533.

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic calendar following a quiet start to the week. Germany’s 2nd estimate GDP numbers for the 2nd quarter are due out along with August’s IFO Business Climate numbers.

A pick up in business sentiment and an upward revision to GDP figures would be a boost for the EUR. Last week’s survey-based PMI numbers had delivered a reality check for the markets.

At the time of writing, the EUR was up by 0.08% to $1.1798.

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 Brexit, the latest COVID-19 news and numbers, and geopolitical risk.

At the time of writing, the Pound was up by 0.11% to $1.3078.

Across the Pond

It’s a relatively busy day ahead for the U.S Dollar. Key stats include August consumer confidence and housing sector numbers.

Expect consumer confidence to be the key driver on the day. June house price and July new home sales numbers should have a muted impact on the day.

Away from the economic calendar, geopolitics and the COVID-19 stimulus package will also be in focus.

At the time of writing, the Dollar Spot Index was down by 0.05% to 93.247.

For the Loonie

It’s another quiet day on the economic data front. There are no material stats to provide the Loonie with direction.

We would expect COVID-19 and geopolitics to continue to drive market risk appetite. Market sentiment towards the global economic outlook and crude oil prices would ultimately influence the Loonie on the day.

Last week’s PMIs from the Eurozone and a gloomy FED will be a test amidst the optimism of a COVID-19 vaccine.

At the time of writing, the Loonie was down by 0.11% to C$1.3233 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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