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Economic Data from Germany Puts the EUR in the Spotlight

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·3-min read
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Earlier in the Day:

It was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early hours. Later this morning, the Aussie Dollar will also be in focus, with private new CAPEX figures for the 3rd quarter due out.

While the stats were in focus, the markets also had time to respond to the FOMC minutes released overnight.

For the Kiwi Dollar

In October, New Zealand’s trade deficit narrowed from NZ$2,206m to NZ$1.286m month-on-month. The annual trade deficit, however, widened from NZ$4,110m to NZ$4,920m.

According to NZ Stats,

October 2021 monthly values:

  • Goods exports rose by 12% to NZ$5.3bn.

    • Milk powder, butter, and cheese exports rose by 18%, with meat and edible offal up 25%.

    • Aircraft and parts exports were down 90%, however.

  • Imports of goods increased by 26%, however, to NZ$6.6bn.

    • Mechanical machinery and equipment imports surged 43%.

    • Vehicles, parts, and accessories imports jumped by 38%.

  • There were also marked increases in the import of crude oil & other petroleum products (46%), fertilizers (78%), and pharma products (85%).

Exports to China were up by 20% and by 12% to the U.S. While up by 30% to Japan and by 11% to the EU, exports to Australia fell by 6.5%.

The Kiwi Dollar moved from $0.68729 to $0.68723 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.01% to $0.6874.

Elsewhere

At the time of writing, the Japanese Yen was up by 0.02% to ¥115.410 against the U.S Dollar, while the Aussie Dollar was flat at $0.7196.

The Day Ahead

For the EUR

It’s a relatively busy day ahead on the economic calendar. 3rd quarter GDP numbers for Germany will be in focus along with German consumer sentiment figures for December.

While both sets of numbers will draw interest, any negative impact of rising COVID-19 cases on consumer sentiment will likely be key.

At the time of writing, the EUR was up by 0.04% to $1.1203.

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.

The lack of stats will leave the Pound in the hands of central bank chatter and COVID-19 news.

At the time of writing, the Pound was flat at $1.3328.

Across the Pond

It’s a particularly busy day ahead on the economic calendar, with the U.S markets closed for Thanksgiving.

On Wednesday, the U.S Dollar Spot Index rose by 0.34% to end the day at 96.82.

For the Loonie

It’s also a particularly quiet day ahead, with no major stats to consider.

The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices.

At the time of writing, the Loonie was up by 0.04% to C$1.2663 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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