The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic data front. Consumer confidence figures for Germany will be in focus going into the European open.
With consumer spending a key component of the economic recovery, we can expect some EUR sensitivity to the numbers.
Any material downside to the EUR may be limited, however, with market optimism continuing to support the EUR at current levels.
At the time of writing, the EUR was down by 0.12% to $1.2076.
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. A lack of stats will continue to leave the Pound in the hands of COVID-19 news and government plans to further ease lockdown measures.
At the time of writing, the Pound was down by 0.26% to $1.3877.
Across the Pond
It’s a relatively busy day ahead on the economic calendar. Trade data and inventory numbers are due out later in the day.
We don’t expect too much influence, however, with the FOMC monetary policy decision the main event of the day.
The markets are expecting the FED to stand by its low for longer policy outlook. Any deviation from the script and expect the Dollar to respond.
At the time of writing, the Dollar Spot Index was up by 0.09% to 90.990.
For the Loonie
It’s relatively busy day ahead on the economic calendar. Retail sales figures for February are due out later in the day.
Following the BoC’s hawkish outlook, any weak numbers would test support for the Loonie on the day.
While the stats will influence, crude oil inventory numbers will also be in focus on the day.
At the time of writing, the Loonie was down by 0.13% to C$1.2415 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.