Earlier in the Day:
It was a busier start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action this morning.
For the Kiwi Dollar
Trade data was in focus following upbeat retail sales figures from Tuesday.
In the month of July, New Zealand’s trade balance narrowed from a NZ$280m surplus to a NZ$402m deficit.
Year-on-year, the trade deficit widened from NZ$280m to NZ$1,100m.
According to NZ Stats,
- Total merchandise goods imports for July rose by NZ$1.6bn (+35%) compared with July 2020.
- Vehicles, parts, and accessories was the largest contributor, with imports increasing NZ$555m.
- Petroleum and products also saw a large increase, with imports up NZ$399m.
- Goods exports increased by NZ$760m (+15%) to $5.8bn.
The Kiwi Dollar moved from $0.69485 to $0.69455 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.24% to $0.6935.
For the Aussie Dollar
Construction work done figures for the 2nd quarter were released early this morning. Construction work down increased by just 0.8% in the quarter, falling short of a forecasted 2.5% rise. In the previous quarter, construction work down had risen by 2.4%.
The Aussie Dollar moved from $0.72546 to $0.72554 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.06% to $0.7254.
At the time of writing, the Japanese Yen was down by 0.14% to ¥109.800 against the U.S Dollar.
The Day Ahead
For the EUR
It’s another relatively quiet day ahead on the economic data front. German IFO Business Sentiment figures for August are due out later today.
With little else for the markets to consider, we can expect plenty of EUR sensitivity to the numbers.
At the time of writing, the EUR was down by 0.14% to $1.1740.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.05% to $1.3722.
Across the Pond
It’s a relatively busy day ahead. Durable goods and core durable goods orders for July are due out later today.
Expect core durable goods orders to be the key stat for the Dollar and the broader market.
At the time of writing, the U.S Dollar Spot Index was up by 0.11% to 92.997.
For the Loonie
It’s a particularly quiet day on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventories and market risk sentiment on the day.
At the time of writing, the Loonie was down by 0.10% to C$1.2602 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.