The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar.
Key stats include October unemployment figures and prelim October inflation figures from Spain and Germany.
Expect Germany’s unemployment change figure to have the greatest influence.
On the monetary policy front, the ECB policy decision and press conference will be the main event of the day, however.
With COVID-19 forcing a reintroduction of lockdown measures, the markets will be looking for an ECB response…
Away from the economic calendar, expect Brexit and COVID-19 chatter to also influence.
At the time of writing, the EUR was up by 0.06% to $1.1753.
For the Pound
It’s yet another quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction.
The lack of stats will continue to leave the Pound squarely in the hands of Brexit chatter, COVID-19, and market risk sentiment.
At the time of writing, the Pound was up by 0.08% to $1.2994.
Across the Pond
It’s a busier day ahead for the U.S Dollar.
Key stats include 3rd quarter GDP and weekly initial jobless claims figures. The markets will be looking for a rebound from the 2nd quarter’s economic meltdown. Anything disappointing will test market risk appetite.
Jobless claims will also need to continue its downward trend. The latest spike in new COVID-19 cases could limit the impact of any positive numbers, however.
Housing sector figures for September should have a muted impact on the day. Pending home sales figures are due out late in the day.
Away from the economic calendar, COVID-19 and U.S politics will continue to provide direction…
At the time of writing, the Dollar Spot Index was up by 0.02% to 93.424.
For the Loonie
It’s a relatively quiet day on the economic data front, with key stats limited to September building permit figures.
Following Wednesday’s BoC monetary policy decision, however, the numbers are unlikely to have a material impact on the Loonie.
COVID-19 and market sentiment towards the U.S and global economic outlook will be key drivers on the day.
At the time of writing, the Loonie was up by 0.11% to C$1.3309 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.