Earlier in the Day:
It was a busier start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action, with economic data from the UK also in focus.
For the Kiwi Dollar
In September, electronic card retail sales increased by 0.90%, month-on-month, after having tumbled by 19.7% in August.
According to NZ Stats,
- The pickup in spending came as a result of changes to COVID-19 alert levels.
- With the exception of Auckland, levels eased from level 3 to level 2.
- Spending rose in three of the six retail industries.
- Durable goods spending jumped by 17.5%.
- By contrast, spending on groceries and liquor fell by 3.3%.
- In the September quarter, retail spending fell by 11.6% when compared with the June quarter.
The Kiwi Dollar moved from $0.69320 to $0.69339 upon release of the data. At the time of writing, the Kiwi Dollar was down by 0.20% to $0.6926.
For the Aussie Dollar
The NAB Business Confidence Index increased from -5 to +13 in September.
According to the September Survey,
- The rebound took the index to well above its long-run average, with confidence in NSW and Victoria delivering support.
- Increasing vaccination rates and the announcement of reopening roadmaps drove confidence higher.
- By contrast, business conditions fell from +14 to +5 points.
The Aussie Dollar moved from $0.73423 to $0.73402 upon release of the figures. At the time of writing, the was Aussie Dollar down by 0.16% to $0.7339.
At the time of writing, the Japanese Yen was down by 0.13% to ¥113.460 against the U.S Dollar.
The Day Ahead
For the EUR
It’s a relatively quiet day ahead on the economic calendar. ZEW Economic Sentiment figures for Germany and the Eurozone will be in focus later today.
There’s been increased EUR sensitivity to the ZEW numbers in recent months, so expect the numbers to influence.
At the time of writing, the EUR was down by 0.01% to $1.1551.
For the Pound
It’s a busy day ahead on the economic calendar.
Wage growth, claimant count, employment change, and unemployment figures are due out later this morning.
With the BoE ready to make a move to curb inflation, expect upbeat numbers to give the Pound a boost.
Claimant counts and the unemployment rate will likely be the key areas of focus.
Early in the day, retail sales figures had been in focus.
In September, the BRC Retail Sales Monitor fell by 0.6%, year-on-year. Retail sales had been up by 1.5% in August, according to the BRC.
At the time of writing, the Pound was down by 0.07% to $1.3586.
Across the Pond
It’s a quiet day ahead, with economic data limited to JOLTs job openings for August. Following the weaker than expected NFP numbers from last week, the markets will be more sensitive to any weak numbers.
On the monetary policy front, any FOMC member chatter will also need monitoring.
The U.S Dollar Spot Index was up by 0.09% to 94.401.
For the Loonie
It’s another particularly quiet day ahead for the Loonie.
With no stats to consider, the Loonie will remain in the hands of crude oil prices and market risk sentiment on the day.
At the time of writing, the Loonie was down by 0.07% to C$1.2492 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.