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Eurozone GDP and German Trade Data Puts the EUR Back in Focus

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Bob Mason
·4 min read
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Earlier in the Day:

It’s was a busy start to the week on the economic calendar this morning. The Japanese Yen and the Aussie Dollar were in action early this morning. There was also economic data from the UK to consider.

For the Japanese Yen

Household spending and 2nd estimate GDP numbers for the 4th quarter were in focus.

In January, household spending slid by 7.3% month-on-month, reversing a modest 0.9% rise from December. Year-on-year, spending fell by 6.1%, which was worse than a forecasted 2.1% decline. In December, spending had fallen by 0.6%.

According to the Statistic Bureau,

  • Spending on clothing & footwear slumped by 28.8%, with spending on culture & recreation tumbling by 20.3%.

  • There were also declines in spending on food (-2.2%), housing (-5.5%), medical care (-5.9%), and transportation & communication (-3.5%).

  • Spending on furniture & household utensils jumped by 17.3%, however, with spending on fuel, light, & water charges up 5.5%.

  • Spending on education rose by a more modest 2.9%.

In the 4th quarter, the Japanese economy expanded by 2.8% quarter-on-quarter, a downward revision from an 1st estimate 3.0%. In the 3rd quarter, the economy had expanded by 5.3%.

Year-on-year, the economy grew by 11.7% in the 4th quarter, which was down from a 1st estimate 12.7%. In the 3rd quarter, the Japanese economy had expanded by 22.9%, year-on-year.

The Japanese Yen moved from ¥108.939 to ¥108.916 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.21% to ¥109.12 against the U.S Dollar.

For the Aussie Dollar

Business confidence was back in the spotlight this morning.

In February, the NAB Business Confidence Index increased from 10.0 to 16.0, its highest level since early 2010.

According to the February Survey,

  • All industries, except retail, reported gains for February.

  • Business conditions also was on the ruse, hitting a multi-year high +15.

Looking at the sub-indexes

  • Employment rose from +3 to +8, with profitability rising from +13 to +17. More impressively, trading rose from +13 to +21.

  • Capacity utilization increased from 81.1% to 81.8% in the month.

The Aussie Dollar moved from $0.7644 to $0.76385 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.03% to $0.7648.

Elsewhere

The Kiwi Dollar was down by 0.10% to $0.7122.

The Day Ahead:

For the EUR

It’s a busier day ahead on the economic calendar. German trade data for January are due out along with finalized GDP numbers for the Eurozone.

Barring another revision to GDP numbers, expect German trade data to have a greater impact.

French nonfarm payroll figures for the 4th quarter are also due out, though the numbers will likely have limited influence.

At the time of writing, the EUR was up by 0.01% to $1.1848.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.

Earlier this morning, BRC Retail Sales figures were in focus, however.

According to the February BRC report, retail sales was up 9.5% year-on-year. In January, sales had risen 7.1%.

The Pound moved from $1.38231 to $1.38169 upon release of the figures.

At the time of writing, the Pound was down by 0.01% to $1.3823.

Across the Pond

It’s another particularly quiet day ahead on the economic calendar. A lack of stats will leave the Dollar in the hands of FOMC member chatter and news from Capitol Hill.

At the time of writing, the Dollar Spot Index was up by 0.14% to 92.440.

For the Loonie

There are no material stats to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of market risk sentiment.

At the time of writing, the Loonie was up by 0.05% to C$1.2659 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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