The Greenback Sees Further Red Early on Ahead of Inflation Figures Later Today
Earlier in the Day
It’s was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide the majors with direction in the early hours.
A lack of stats left the Greenback on the back foot, following Tuesday’s pullback.
For the Majors
At the time of writing, the Japanese Yen was up by 0.19% to ¥103.56 against the U.S Dollar, with the Aussie Dollar up by 0.05% to $0.7776. The Kiwi Dollar was up by 0.21% to $0.7235.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. November industrial production figures for the Eurozone are due out later today.
Barring particularly dire numbers, however, the stats are unlikely to have an impact on the EUR.
With the 4th quarter written off, the markets remain optimistic for the year ahead as governments continue to rollout vaccinations. For the EUR, a pickup in vaccination rates is going to be needed, however.
On the monetary policy front, ECB President Lagarde is due to speak later. Expect any forward guidance to influence.
At the time of writing, the EUR was up by 0.06% to $1.2214.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. A lack of stats will leave the Pound in the hands of COVID-19 news.
A pickup in vaccination rates this week amidst the ongoing lockdown should support the Pound.
At the time of writing, the Pound was up by 0.12% to $1.3680.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. Inflation figures for December are due out of the U.S later in the day.
We don’t expect too much influence from the numbers, however, with sentiment towards U.S stimulus remaining the key driver.
At the time of writing, the Dollar Spot Index was down by 0.08% to 90.025.
For the Loonie
It’s a quiet day on the economic data front, with no material stats due out to provide the markets with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventory numbers.
At the time of writing, the Loonie was up by 0.02% to C$1.2708 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
