Economic data puts the pound and the US dollar in the center of attention


Early in the day:

The start of the Asian session was busier. The Kiwi Dollar was in action this morning as markets reacted further to Thursday’s US inflation data.

For the kiwi dollar

In January, the business PMI fell from 53.7 to 52.1. However, the electronic card retail sales figures had a greater influence.

In January, retail sales of electronic cards jumped 3.0%, retail sales of cards had increased by 0.3% in December. According to New Zealand Statistics,

  • By category, spending on durable goods (+3.3%) and consumer goods (+1.8%) recorded the largest increases in Kiwi dollars.
  • While spending on fuel (+2.7%) also increased, spending on motor vehicles (excluding fuel) fell by 0.4%.
  • There was no month-to-month change in spending on clothing.

The Kiwi Dollar rose from $0.66652 to $0.66703 when the numbers were released. At the time of writing, the Kiwi Dollar was up 0.05% at $0.6676.

Somewhere else

At the time of writing, the Japanese yen was down 0.03% at ¥116.050 against the US dollar, with the Australian dollar down 0.03% at $0.7165.

The day to come

For their

It is a particularly calm day which is announced on the economic calendar. There are no hard statistics expected from the Eurozone to give direction to the Euro.

At the time of writing, the EUR was stable at $1.1428.

For the pound

It is also a particularly busy day on the economic calendar. Key statistics include GDP and industrial and manufacturing production figures. January trade data is also expected but should have a moderate impact on the pound.

At the time of this writing, the pound was up 0.04% at $1.3562.

On the other side of the pond

It’s a relatively quiet day on the economic calendar. Consumer sentiment numbers for February will catch the eye late in the day. Rising inflation and the prospect of higher interest rates could test consumers mid-quarter.

On Thursday, the US Dollar Spot Index rose 0.20% to end the day at 95.681.

For the loon

It is also a quiet day ahead. There are no hard stats expected from Canada to give direction to the Loonie. The lack of statistics will let market risk sentiment provide direction.

At the time of writing, the Loonie was up 0.02% at C$1.2717 against the US dollar.

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

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