The RBA Will be in Focus Early with Economic Data Putting the EUR in the Spotlight
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in focus early in the Asian session, with the RBA in action later in the Asian session.
For the Kiwi Dollar
Building consents fell by 1.9% in September. In August, consents had jumped by 3.8%.
According to NZ Stats, while down for the month, consents rose by a record 25% in the year ended Sept-2021.
The Kiwi Dollar moved from $0.71828 to $0.71833 upon release of the numbers. At the time of writing, the Kiwi Dollar was down by 0.03% to $0.7183.
The Day Ahead
For the EUR
It’s a busy day ahead on the economic calendar. Manufacturing PMI figures for Spain and Italy are due out later this morning. Finalized PMIs for France, Germany, and the Eurozone are also due out.
Barring any marked revisions, expect Italy’s and the Eurozone’s Manufacturing PMI numbers to be key.
At the time of writing, the EUR was down by 0.03% to $1.1603.
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.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.03% to $1.3661.
Across the Pond
It’s also a particularly quiet day ahead, with no material stats due out of the U.S to provide the Dollar with direction.
The lack of stats will leave the Dollar in the hands of market sentiment towards FED monetary policy.
Inflationary pressure and softer economic growth have delivered yet more policy uncertainty to the markets.
On Monday, the U.S Dollar Spot Index fell by 0.26% to end the day at 93.879.
For the Loonie
It’s a relatively quiet day ahead, with building permit figures for September due out of Canada.
Barring particularly dire numbers, however, the stats are unlikely to have a material impact on the Loonie.
Expect crude oil prices and market risk sentiment to remain the key driver on the day.
At the time of writing, the Loonie was down by 0.02% to C$1.2372 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.