Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action early this morning.
For the Aussie Dollar
Business confidence and finalized retail sales figures were in focus the this morning.
In April, the NAB Business Confidence Index climbed from 15 to a record high 26. Economists had forecast a rise to 18.
According to the April Survey,
Business conditions reset last month’s record high, rising to a new high +32 points. Trading, profitability, and employment all hit new highs.
Forward orders and capacity utilization also hit new highs.
The services and mining sectors led the way, while all sectors were in well into positive territory.
In March, retail sales rose by 1.3%, which was down from a prelim 1.4% increase. Retail sales had fallen by 0.8% in February.
According to the ABS,
Food retailing fell by 0.9%, with household goods retailing declining by 0.1%.
Clothing, footwear, and personal accessory retailing jumped by 5.4%, however, with department store sales surging by 8.5%.
Other retailing (+1.4%) and cafes, restaurants, & takeaway food services (+4.8%) also delivered.
Compared with March 2020, sales was up 2.2%.
The Aussie Dollar moved from $0.78491 to $0.78506 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.08% to $0.7850.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic data front. There are no material stats from the Eurozone to provide the EUR with direction. With no material stats to consider on the day, Sentix Investor Confidence figures for the Eurozone will draw interest early in the day.
At the time of writing, the EUR was down by 0.07% to $1.2158.
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.
With the UK reopening and following the more hawkish stance by the BoE, the Pound should continue to support the upside.
At the time of writing, the Pound was up by 0.34% to $1.4032.
Across the Pond
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Greenback with direction.
Following last week’s slide and the lack of stats, any FOMC member chatter on the economy or monetary policy will influence.
Expect any moves from Capitol Hill to address concerns over labor market conditions to also draw interest.
At the time of writing, the Dollar Spot Index was up by 0.02% to 90.249.
For the Loonie
It’s a quiet day ahead on the economic calendar. 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 and crude oil prices.
At the time of writing, the Loonie was up by 0.11% to C$1.2120 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