Economic data puts euro and USD front and center, with COVID-19 updates also key

Early in the day:

The start of the day on the economic calendar was relatively busy this morning. The Australian dollar was in action this morning.

For the Australian dollar

It has been a relatively busy morning, with retail sales finalized and business data in focus.

Retail sales rose 4.9% in October, in line with preliminary figures. Retail sales rose 1.3% in September.

Australia’s trade surplus, however, fell from A $ 11.82 billion to A $ 11.22 billion in October.

According to the ABS,

  • Exports of goods and services fell 3% to A $ 1,491 million, the decline due to falling prices for iron ore.
  • Imports of goods and services fell 3% to AUD 887 million, the decline attributed to lower imports of capital goods.

The Australian dollar fell from $ 0.71097 to $ 0.71045 when the numbers were released. At the time of this writing, the Australian dollar was down 0.06% to $ 0.7101.

Somewhere else

As of this writing, the Japanese yen was down 0.17% to ¥ 112.970 against the US dollar, while the Kiwi dollar was up 0.04% to $ 0.6812.

The day to come

For the euro

It’s a calm day ahead on the economic calendar. Eurozone unemployment figures for October will be the focus of the first part of the European session.

Barring an unexpected recovery in the unemployment rate, however, the numbers should have a moderate impact on the euro.

Along with the unemployment figures, however, the headline inflation figures for the euro area may generate more interest.

Expect central bank chatter and updates on COVID-19 to remain key drivers.

At the time of this writing, the Euro was stable at $ 1.1320.

For the pound

It is a particularly calm day on the economic calendar. The lack of statistics will leave the pound in the hands of COVID-19 chatter and market risk sentiment that day.

At the time of this writing, the pound was stable at $ 1.3279.

Across the pond

It’s a relatively calm day ahead. The weekly jobless claims figures will be the center of attention later today. After returning to levels below 200,000, markets will expect the downtrend to continue ahead of tomorrow’s NFP numbers.

At the time of this writing, the Dollar Spot Index was up 0.02% to 96.051.

For the loonie

It is a quiet day ahead, with no major statistics expected outside of Canada to give direction to the loonie.

The lack of statistics will leave the loonie in the hands of crude oil prices, with the OPEC meeting in the center of attention.

At the time of this writing, the loonie was down 0.01% to C $ 1.2819 against the US dollar.

For an overview of all of today’s economic events, check out our economic calendar.

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