Australian Dollar (AUD) Rocky amid Slight Trade Data Miss
At the beginning of Thursday’s session, the Australian Dollar (AUD) endured volatility amid mixed trade data.
While the Australian trade surplus expanded to AU$7.13bn, it missed forecasts by roughly AU$0.4bn. However, export levels showed a moderate recovery, cheering AUD investors and underpinning the ‘Aussie’.
AUD could see minimal movement today, due to a lack of impactful Australian data releases.
New Zealand Dollar (NZD) Static amid Light Data Calendar
The New Zealand Dollar (NZD) stagnated over Thursday’s session, due to a lack of impactful data releases.
Additionally, risk appetite was in flux for much of the session, preventing the risk-sensitive ‘Kiwi’ from gathering pace.
Data continues to be in short supply for NZD today, which may limit the currency’s appeal.
Pound (GBP) Undermined by Absence of Economic Releases
The UK’s data calendar remained decidedly empty yesterday, bringing another day of wavering trade for the Pound (GBP).
Brief patches of bullish trade served to cushion GBP, but by and large Sterling was left rudderless against its peers.
Sterling is set to end the week’s session without any additional macroeconomic data. As such, GBP could struggle to find its footing once again.
Euro (EUR) Choppy amid Downbeat German Industrial Data
Turbulence struck the Euro (EUR) yesterday, following a surprise drop in German industrial production in October.
Economists had forecast an increase of 0.2%, but the reading showed a 0.4% contraction. Waning foreign demand and persistent economic weakness continue to pressure the German factory sector, weakening EUR.
The final German consumer price index for November is due this evening. If this confirms a significant cooldown in inflation, EUR may weaken.
US Dollar (USD) Retreats amid Rising Jobless Claims
After striking multi-week highs yesterday, the US Dollar (USD) then began to fall through the evening as US jobless claims ticked higher.
Following Wednesday’s disappointing ADP employment data, the increase in jobless claims reinforced perceptions of a cooling labour market. This saw USD pull back from previous highs.
Tonight, the latest US non-farm payrolls data is due to print, reflecting jobs created in November. Economists anticipate an increase of 180,000, but the recent trend for labour data has been bleak. A shock slowdown could harm the ‘Greenback’.
Canadian Dollar (CAD) Slips despite Oil Price Recovery
Despite oil prices climbing by just under 1% on Thursday, the Canadian Dollar (CAD) slipped against its peers.
Oil price fluctuations look to be the core catalyst of movement for the ‘Loonie’ today, due to a light data calendar.
Data Releases
Dec 8th 17:00 EUR DE Final Inflation Rate (Nov) 3.2%
Dec 8th 23:30 USD Non Farm Payrolls (Nov) 180,000
Dec 8th 23:30 USD Unemployment Rate (Nov) 3.9%