In the early trading sessions, industrial processes and retail sales numbers will be under the radar ahead of major statistics from the Eurozone. It turned out to be a really busy day at the beginning of the economic calendar on Monday.
Early Hours of Today
The Japanese Yen and the Australian dollar have been at the forefront in the early hours of trading as they gained against the US dollar. In Japan, the retail sales and industrial numbers are predicted to be the major center of attention over the private sector credit figures coming from Australia.
After low private sector Purchasing Managers’ Index (PMI) figures from China, concerns are growing over test support offered for more risky assets.
At press time, the Australian dollar had gained 0.07% to $0.6993 while the Japanese Yen was doing a low of 0.09% to Y115.360 to the US dollar. At the same time, the New Zealand dollar was also down some 0.03% to stick at $0.6546.
The Coming Day
It appears it’s going to be a relatively busy day ahead on the economic calendar as the fourth-quarter GDP figures for the Eurozone, and Germany’s inflation numbers will be the major statistics of the day. Inflation figures from Spain are equally expected to be released, but they are not expected to have any real effect on the main fiat currencies.
At the time of putting this together, the Euro was edged up by 0.06% to hit $1.1144.
For the British Pound, on the other hand, it looks like it’s going to be a particularly silent day for it on the economic calendar. There is currently no due statistic to be expected from the United Kingdom to give a hint on the direction of the Pound sterling. The absence of reliable statistics to work with will let the Bank of England monetary policy and the government give a clear direction. The GBP was trading down at 0.01% to $1.3400 at the time of this writing.
In Chicago, the January PMI is expected to be out but expected to have a muted effect on the US dollar. The money market is in search of data that could make the Federal Reserve have a more stringent move on monetary policy.
The US dollar index increased by 0.05% to close the day at $97.270.
For the Canadian dollar, it also looks like it would have a quiet day ahead. The Raw Material Price Index figures for last December are expected out shortly. With very little market consideration, experts expect the figures to have a huge effect. It is expected that the Chinese statistics and crude oil rates will also give some direction.