Earlier in the Day:
It was a quieter start to the day on the economic calendar this morning. The Aussie Dollar was in action early this morning.
For the Aussie Dollar
In April, the AIG Manufacturing Index rose from 59.9 to 61.7.
According to the AIG report,
- April’s PMI hit the highest level since Mar-2018 and the third highest under the current format of the report.
- All six manufacturing sectors expanded, as did all seven activity indicators.
- Australia’s capacity utilization index hit a record high, suggesting a need for increased employment and / or investment.
The Aussie Dollar moved from $0.77167 to $0.77170 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.10% to $0.7724.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic data front. Manufacturing PMI figures for Italy and Spain and finalized PMIs for France, Germany, and the Eurozone are due out.
German retail sales figures will also be in focus ahead of the PMI numbers.
Barring marked revision to prelim figures, Italy and the Eurozone’s manufacturing PMIs and German retail sales will be key.
At the time of writing, the EUR was up by 0.01% to $1.2021.
For the Pound
It’s yet another particularly quiet day ahead on the economic calendar.
There are no material stats to provide the Pound with direction, with the UK markets closed.
At the time of writing, the Pound was up by 0.01% to $1.3824.
Across the Pond
It’s a busy day ahead on the economic calendar. The market’s favored ISM Manufacturing PMI figures for April are due out. Finalized Markit survey manufacturing PMI figures are also due out though we would expect the ISM number to be key.
Late in the day, FED Chair Powell is also scheduled to speak. Expect any deviation from the recent guidance to influence.
At the time of writing, the Dollar Spot Index was up by 0.02% to 91.298.
For the Loonie
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
Expect Manufacturing PMI numbers and COVID-19 news updates to influence.
At the time of writing, the Loonie was up by 0.09% to C$1.2295 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.