Australian Dollar (AUD) Muted amid Lack of Data
Owing to a lack of impactful macroeconomic data, the Australian Dollar (AUD) traded without a clear direction yesterday.
Additionally, investors remained uncertain of the Reserve Bank of Australia’s (RBA) path forward, which brought additional headwinds.
With data releases in short supply again today, the ‘Aussie’ may be left exposed to shifts in risk appetite. Bearish trade could weigh on AUD.
New Zealand Dollar (NZD) Underpinned by Hotter-than-Forecast Inflation Outlook
The risk-sensitive New Zealand Dollar (NZD) saw variable trade over Wednesday’s session, as risk appetite waxed and waned.
However, higher-than-expected business inflation expectations served to keep NZD afloat in spite of the choppy trade.
The ‘Kiwi’ could see muted trade today, due to a lack of data catalysts.
Pound (GBP) Listless amid Short Supply of Data
The Pound (GBP) endured listless trade on Wednesday, as the UK data drought continued.
As a result, Sterling largely traded in line with other currencies, but ultimately remained stagnant.
The UK data lull is set to continue today, which may leave Sterling at the behest of the market mood.
Euro (EUR) Dampened by Downbeat Retail Sales
Yesterday, the Euro (EUR) struggled to attract support from investors amid downbeat retail sales data.
Sales growth in the Eurozone slumped by 0.3% in September, exceeding estimates of a 0.2% drop. While less severe than August’s decline, it indicated ongoing weakness in consumer spending.
This evening, the latest European Central Bank (ECB) economic bulletin is due to release. If this shows economic deterioration across the Eurozone, the common currency could fall.
US Dollar (USD) Fades as Market Mood Improves
The safe-haven US Dollar (USD) found initial success on Wednesday, as the European session began on a sour note.
However, the market mood lifted over the course of the day’s trade, trimming USD’s gains.
Looking ahead, the latest initial jobless claims this evening are expected to show an uptick, which could weigh on USD by indicating looseness in the jobs market.
Canadian Dollar (CAD) Undermined by Falling Oil
The crude-linked Canadian Dollar (CAD) was limited on Wednesday as oil prices continued to fall.
With data in short supply today, the ‘Loonie’ may remain driven by oil price movements.
Data Releases
Nov 9th 19:00 EUR ECB Economic Bulletin
Nov 9th 23:30 USD Initial Jobless Claims (4/Nov) 218,000