U.S Consumer Confidence Numbers May not Be Enough for the U.S Dollar
Earlier in the Day:
It was a relatively busy day on the Asian economic calendar in the earlier hours of this morning.
China’s December private sector PMI numbers were in focus in the early part of the day.
Out of China
The Manufacturing PMI held steady at 50.2 in December, with the services PMI falling from 54.4 to 53.5.
Economists had forecast a manufacturing PMI of 50.1. China’s composite PMI slipped from 53.7 to 53.4.
The Aussie Dollar moved from $0.70026 to $0.70035 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.17% to $0.7006.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.21% to ¥108.65 against the greenback. with the Kiwi Dollar up by 0.07% to $0.6733.
Volumes were on the lighter side through the morning, with Australia and New Zealand on half-days and the Japan markets closed.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar. There are no material stats scheduled for release later this morning.
A lack of stats will continue to provide support to the EUR, which is on an upward trend as geopolitical risk eases further.
Expectations are for the Eurozone economy to benefit from the U.S – China phase 1 trade agreement. That is assuming, of course, that Trump doesn’t target the EU next.
While the holiday season has been kind to the EUR, there is the issue of Brexit and the possibility of a hard Brexit to consider…
At the time of writing, the EUR was up by 0.12% to $1.1212.
For the Pound
It’s also a quiet day ahead on the economic calendar, with no material stats due out of the UK to provide the Pound with direction.
With the UK markets on a shortened day, volumes will be on the lighter side, with further upside for the Pound likely through the early part of the day.
At the time of writing, the Pound was up by 0.11% to $1.3128, with Dollar weakness delivering the upside.
Across the Pond
It’s a relatively busy day on the data front. Key stats include December consumer confidence figures and October house price numbers.
December’s CB Consumer Confidence figure will have the greatest impact on the Dollar. The figures may not be enough to prevent another day in the red, however.
At the time of writing, the Dollar Spot Index was down by 0.10% to 96.642.
For the Loonie
It’s a quiet day on the economic calendar, with no material stats due out of Canada to provide direction.
A lack of stats will continue to leave the Loonie in the hands of crude oil prices on the day and market risk sentiment.
The Loonie was up by 0.16% to C$1.3048 against the U.S Dollar, at the time of writing, with a weak Greenback delivering the upside.
This article was originally posted on FX Empire