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Economic Data Puts the EUR and Dollar in Focus, with the ECB also in Action Today

·2-min read

Earlier in the Day:

It was a particularly quiet start to the day on the economic calendar this morning. There were no major stats to provide the markets with direction in the early hours.

The Majors

At the time of writing, the Japanese Yen was up by 0.15% to ¥110.120 against the U.S Dollar, with the Aussie Dollar down by 0.12% to $0.7350. The Kiwi Dollar was down by 0.19% to $0.69570.

The Day Ahead

For the EUR

It’s a relatively quiet day ahead on the economic data front. Eurozone business and consumer confidence figures will be in focus.

Though material numbers, we don’t expect the numbers to have a lasting impact on the EUR, however.

The ECB monetary policy decision and the all-important press conference will be the key drivers.

With the ECB expected to stand pat on policy, the ECB press conference will be the market’s main area of focus.

Commentary on inflation, the economic outlook, and asset purchases will be key.

At the time of writing, the EUR was up by 0.03% to $1.1798.

For the Pound

It’s another quiet day ahead on the economic calendar. CBI industrial trend orders will be in focus later in the day. With little else for the markets to consider, expect some Pound sensitivity to the numbers.

Ultimately, however, market sentiment towards the economic outlook amidst the latest spike in COVID-19 cases will remain the key driver near-term.

At the time of writing, the Pound was down by 0.04% to $1.3708.

Across the Pond

It’s a busier day ahead on the economic calendar. Jobless claims figures for the week ending 16th July will be in focus later today.

Expect a jump in claims to weigh heavily in market risk sentiment. The markets will be looking for a drop down towards sub-300k levels…

At the time of writing, the Dollar Spot Index was up by 0.08% to 92.829.

For the Loonie

It’s a quiet day ahead on the economic calendar, with no major stats due out to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.

At the time of writing, the Loonie was down by 0.17% to C$1.2577 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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