Economic Data Puts the EUR and Greenback in Focus, with Capitol Hill also in the Spotlight

Earlier in the Day:

It was a busier start to the day on the economic calendar this morning. The Japanese Yen and Aussie Dollar were in action this morning, with economic data from the UK also in focus.

For the Japanese Yen

Finalized 1^st quarter GDP numbers were in focus this morning.

In the 1^st quarter, the economy contracted by 1.0%, quarter-on-quarter, which was up from a 1^st estimated 1.3% contraction. In the 4^th quarter, the economy had expanded by 2.8%.

Year-on-year, the economy contracted by 3.9%, which was up from a prelim 5.1% contraction. The economy had expanded by 11.7%, year-on-year, in the 4^th quarter of last year.

The Japanese Yen moved from ¥109.280 to ¥109.226 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.16% to ¥109.42 against the U.S Dollar.

For the Aussie Dollar

Business confidence weakened in May. The NAB Business Confidence Index slipped from +23 points to +20 points. In March, the index had stood at +17 points.

According to the May Survey,

• Business conditions hit a fresh record high of 37 points in May, Gains were seen across each sub-component.

• Trading increased by 6 points to +47 points, with employment up by 5 points to +25 points.

• Profitability increased by an impressive 16 points to +40 points.

The Aussie Dollar moved from $0.77555 to $0.77567 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.04% to $0.7751.

Elsewhere

At the time of writing, the Kiwi Dollar was down by 0.06% to $0.7226.

The Day Ahead

For the EUR

It’s a busier day ahead on the economic data front. German factory orders for April and ZEW Economic Sentiment figures for Germany and the Eurozone will be in focus later this morning.

Finalized 1^st quarter GDP numbers for the Eurozone are also due out early in the European session.

Barring revisions to GDP numbers, however, expect the economic sentiment and German factory orders to be key.

At the time of writing, the EUR was down by 0.04% to $1.2185.

For the Pound

It’s another quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.

Earlier in the day, retail sales figures were in focus, however.

In May, the BRC Retail Sales was up by 18.5% year-on-year. This was down from a 39.6% increase in April.

At the time of writing, the Pound was down by 0.10% to $1.4169.

Across the Pond

It’s a quiet day ahead on the economic calendar. Trade data and JOLT’s job openings are due out later today.

Barring particularly dire trade figures, expect the job openings to have a greater impact on the Dollar.

Away from the economic calendar, chatter from Capitol Hill will also need monitoring.

At the time of writing, the Dollar Spot Index was up by 0.07% to 90.010.

For the Loonie

It’s a relatively quiet day ahead on the economic data front. April trade data will be in focus later today.

With the BoC in action tomorrow, expect plenty of influence on the Loonie. The markets will be looking for better than forecasted trade figures to keep the BoC on a bullish footing.

At the time of writing, the Loonie was down by 0.02% to C$1.2085 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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