The Day Ahead
For the EUR
It’s a relatively quiet day ahead on the economic data front. ZEW economic sentiment figures for Germany and the Eurozone are due out.
The markets are expecting improved sentiment supported by the pickup in vaccination rates across the EU. Weaker sentiment would weigh on the EUR early in the European session.
At the time of writing, the EUR was up by 0.02% to $1.2131.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
While there are no stats to consider, BoE Governor Bailey is scheduled to speak late in the day. Expect any chatter on policy or the economic outlook to provide direction.
Early this morning, retail sales figures impressed as a result of the ongoing reopening of the UK economy. According to the BRC, retail sales jumped by 39.6% in April, year-on-year. In March, retail sales had been up by 20.30%.
At the time of writing, the Pound was down by 0.01% to $1.4116.
Across the Pond
It’s another quiet day ahead on the economic calendar. JOLTs job openings for March are due out later today.
Following the disappointing nonfarm payroll figures from last week, we can expect more sensitivity than normal to the numbers.
A markedly lower number of openings would question the optimistic outlook on the labor market recovery.
At the time of writing, the Dollar Spot Index was up by 0.09% to 90.293.
For the Loonie
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
While there area no material stats to consider, OPEC’s monthly report is due out and will influence crude oil prices.
The focus will likely be on demand that has continued to support the upward trend in crude oil prices.
At the time of writing, the Loonie was down by 0.04% to C$1.2107 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.