A Quiet Economic Calendar Leaves the BoC and the Loonie in the Spotlight
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. The Japanese Yen was in action early this morning, with GDP numbers in focus.
For the Japanese Yen
In the 3rd quarter, the Japanese economy contracted by 0.9%, quarter-on-quarter, according to finalized figures. This was down from a 1st estimate 0.8%. The economy had expanded by 0.5% in the previous quarter.
Year-on-year, the economy shrank by 3.6%, which was down from a 1st estimate 3.0%. The economy had grown by 1.9% in the quarter prior.
- Private consumption and capital expenditure weighed in the quarter.
- Quarter-on-quarter, private consumption fell by 1.3% after having risen by 0.9% in the quarter prior. This was also down from a 1st estimate 1.1% decline.
- Following a 2.2% increase in CAPEX in Q2, capital expenditure fell by 2.3% in the 3rd This was up from a 1st estimate 3.8% decline.
The Japanese Yen moved from ¥113.512 to ¥113.462 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.07% to ¥113.520 against the U.S Dollar.
The Day Ahead
For the EUR
It’s a quiet day ahead on the economic calendar. French nonfarm payrolls for the 2nd quarter are due out. Barring dire numbers, however, there should be limited impact on the EUR.
Away from the economic calendar, COVID-19 news and central bank chatter will remain the focal point.
ECB President Lagarde and member De Guindos are scheduled to speak today.
At the time of writing, the EUR was up by 0.07% to $1.1275.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no major stats due out of the UK to provide the Pound with direction.
The lack of stats will leave COVID-19 news updates and central bank chatter to influence.
At the time of writing, the Pound was down by 0.02% to $1.3242.
Across the Pond
It’s a relatively quiet day ahead. JOLT’s job openings for October will be in focus later today. Following disappointing NFP numbers for November, we can expect plenty of interest in the numbers.
At the time of writing, the Dollar Spot Index was down by 0.10% to 96.270.
For the Loonie
It’s a quiet day ahead on the economic data front. While there are no major stats to consider, however, the Bank of Canada will be in action later in the day.
The markets will be looking for any shift in forward guidance following FED Chair Powell’s change in position on inflation. We can also expect commentary on the Omicron strain and the economic outlook to also influence.
At the time of writing, the Loonie was flat at C$1.2639 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.