Earlier in the Day:
It’s was another particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide the markets with direction early in the Asian session.
A lack of stats left the markets to focus on the U.S stimulus package and COVID-19 news updates. The Dollar found early support, as risk aversion hit the broader markets across Asia.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include consumer confidence figures for Germany, France, and the Eurozone.
With a 2nd wave of the COVID-19 pandemic hitting the EU, and France in particular, expect sensitivity to the numbers.
Any material decline in confidence will raise further uncertainty over a consumption-driven economic recovery.
Away from theeconomic calendar expect Brexit, COVID-19, and U.S politics to remain key drivers.
At the time of writing, the EUR was down by 0.12% to $1.1847.
For the Pound
It’s also a relatively quiet day ahead on the economic calendar. CBI Industrial Trend Orders are due out later this afternoon.
As the Brexit stalemate continues, we can expect some market sensitivity to today’s figures. The BoE has seen negative rates as a possible way forward, leaving economic data to do the talking.
Away from theeconomic calendar expect any updates on Brexit and sentiment towards COVID-19 to also influence.
At the time of writing, the Pound was down by 0.11% to $1.3134.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar.
Key stats include the weekly jobless claims figures and existing home sales figures for September.
The focus will be on the jobless claims, with another jump in claims likely to spook the markets.
Much will depend on the U.S COVID-19 stimulus package, however, and the U.S Presidential and Senate Election polls.
A failure to deliver on a stimulus package but continued expectation of a blue wave should limit some of the damage… Near-term, however, a deterioration in labor market conditions would test support for riskier assets.
At the time of writing, the Dollar Spot Index was up by 0.13% to 92.731.
For the Loonie
It’s a particularly quiet day ahead on theeconomic calendar There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave U.S politics and COVID-19 in focus on the day.
At the time of writing, the Loonie was down by 0.19% to C$1.3171 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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