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Eurozone Member State Inflation and FED Chair Powell Put the EUR and USD in Focus

Bob Mason
·3-min read

Earlier in the Day:

It was a relatively busy start to the day on the economic calendar this morning. The Japanese Yen and the Aussie Dollar were back in action this morning.

For the Japanese Yen

Retail sales figures drew interest in the early hours.

According to the Ministry of Economy, Trade and Industry,

Retail sales rose by 0.90% in October, year-on-year, versus a forecasted 1.10% increase. In September, retail sales had been down by 0.50%.

The Japanese Yen moved from ¥113.747 to ¥113.735 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.16% to ¥113.560 against the U.S Dollar.

For the Aussie Dollar

In the 3rd quarter, company gross operating profits increased by 4.0% quarter-on-quarter versus a forecasted 3.0% increase. Profits had risen by 7.1% in the previous quarter.

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According to the ABS,

  • Government subsidies supported company gross operating profits.

  • Wages and salaries fell by 0.8%, however.

The Aussie Dollar moved from $0.71341 to $0.71340 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.22% to $0.7139.

Elsewhere

The Kiwi Dollar was up by 0.04% to $0.6825.

The Day Ahead

For the EUR

It’s a relatively busy day ahead on the economic calendar. Prelim inflation figures for Spain and Germany will be in focus. With the ECB continuing to stand by its view of the spike in inflation being transitory, another pickup in inflationary pressure could test the theory.

Economic sentiment and final consumer confidence figures for the Eurozone are also due out. With COVID-19 back in the spotlight, expect both sets of numbers to draw plenty of attention.

On the monetary policy front, ECB member Guindos is also scheduled to speak early in the European session, with ECB President Lagarde due to speak after the European close.

At the time of writing, the EUR was down by 0.26% to $1.1288.

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 up by 0.01% to $1.3338.

Across the Pond

It’s a relatively quiet day ahead. Economic data is limited to housing sector data that will have a muted impact on the Dollar.

Early in the U.S session, Treasury Secretary Yellen is scheduled to speak and will draw interest, however.

On the monetary policy front, FED Chair Powell and FOMC members Clarida and Williams are also due to speak late in the session.

At the time of writing, the Dollar Spot Index was up by 0.14% to 96.224.

For the Loonie

It’s a quiet day ahead, with current account figures for the 3rd quarter unlikely to move the dial.

COVID-19 news updates and impact on the commodities will be key on the day.

At the time of writing, the Loonie was up by 0.36% to C$1.2745 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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