Economic data puts the GBP and the greenback in the spotlight, with the ECB also in the spotlight


Early in the day:

It was a quiet start to the day on the economic calendar this morning. There were no major stats to guide the majors at the start of the Asian session. Later this morning, however, trade data from China will be of great interest as economies grapple with pressure from Omicron.

The Majors

At the time of writing, the Australian dollar was down 0.03% at $0.7281, while the Japanese yen was up 0.02% at ¥114.180 against the US dollar. The Kiwi Dollar rose 0.03% to $0.6863.

The day to come

For their

It’s a relatively busy day ahead on the economic calendar. Eurozone trade data will be in focus later today. After disappointing data from Germany, a sharp tightening of the trade surplus could test support for the euro.

Final inflation figures for France and Spain are also to be released. Barring any revisions to the preliminary numbers, however, they should have a moderate impact on the euro.

On the monetary policy front, ECB President Lagarde is due to speak as markets seek views on inflation and monetary policy.

At the time of writing, the Euro was up 0.02% at $1.1457.

For the pound

It’s a busy day on the economic calendar. Industrial and manufacturing production figures are due out along with GDP figures for November. Expect manufacturing output and GDP numbers to be key. Trade data, also expected, should have a moderate impact on the pound.

At the time of this writing, the pound was up 0.02% at $1.3709.

On the other side of the pond

It’s another relatively busy day ahead, with December retail sales being the key stat for the day. Markets will be on the lookout for any impact of the latest consumer price spike on spending. In December, the annual US inflation rate had reached its highest level since 1982.

Other statistics include industrial production and consumer sentiment figures. Barring dire numbers, however, these should have a moderate impact on the markets.

On Thursday, the U.S. dollar spot index fell 0.07% to 94.853.

For the loon

It’s yet another quiet day ahead. There are no physical statistics from Canada to guide the Loonie. The lack of statistics will leave the Loonie in the hands of crude oil prices and market risk sentiment that day.

At the time of writing, the Loonie was up 0.04% at C$1.2515 against the US dollar.

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

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