The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR under pressure, as the markets continue to focus on the 2nd wave of the COVID-19 pandemic.
Any progress towards a Brexit deal and/or a U.S stimulus package on Capitol Hill would ease some of the pain. It may not be enough to raise the prospects of another economic meltdown in the 4th quarter, however.
At the time of writing, the EUR was down by 0.08% to $1.1786.
For the Pound
It’s another quiet day ahead on the economic calendar. with no material stats to provide the Pound with direction.
The lack of stats will leave the Pound squarely in the hands of Brexit chatter.
At the time of writing, the Pound was down by 0.03% to $1.3040.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar.
Key stats include September goods trade figures and retail inventory numbers. We would expect the stats to have a muted impact on the Greenback, however.
The focus on the day will be on Capitol Hill and the final week of U.S Presidential Election campaigning. A narrowing in the polls in favor of Trump would be considered market negative. That is assuming that the senate election polls continue to favor the Democrats to control the house.
At the time of writing, the Dollar Spot Index was up by 0.20% to 93.122.
For the Loonie
The Bank of Canada is in action later today. As new COVID-19 cases surge across key economies, dovish chatter is to be expected.
It remains to be seen, however, whether the BoC will talk of any imminent moves. Unlikely for now, which should limit some of the damage as crude oil prices continue to fall.
At the time of writing, the Loonie was down by 0.01% to C$1.3186 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.