Australian Dollar (AUD) curtailed by minimal data
Yesterday, the Australian Dollar (AUD) struggled to find its footing due to a light calendar of data releases.
However, due to a bullish market impulse, the risk-sensitive ‘Aussie’ managed to remain afloat despite the lack of data.
Economic releases are still thin on the ground today, which could see the ‘Aussie’ remain muted.
New Zealand Dollar (NZD) unable to capitalise on bullish trade
Much like its Australian counterpart, the New Zealand Dollar (NZD) was adrift yesterday due to a lack of impetus for investors.
Despite trading conditions remaining cheery over the session, the ‘Kiwi’ was unable to press its advantage. Additionally, mixed commodities trade further dampened NZD exchange rates.
Turning to today’s session, the ‘Kiwi’ may struggle to attract support due to a lull in data releases.
Pound (GBP) wavers despite promising economic data
On Wednesday, the Pound (GBP) remained largely static despite news that the UK economy grew by 0.2% in January.
While this news reduced fears of a prolonged recession, deeper analysis of the data was more muted. Industrial output, for instance, contracted while strike action remained a pressure point for healthcare, capping further economic growth.
Data releases are set to thin out for Sterling today, which could keep the currency levelled out against its peers.
Euro (EUR) subdued as industrial production craters
Eurozone industrial production levels sank in January, which sapped sentiment towards the Euro (EUR) yesterday.
Sector output fell to a ten-month low, calling the bloc’s economic outlook into question. The picture is now less clear for any first-quarter GDP data, with stagnant economic activity undermining growth prospects.
Owing to a short supply of data releases, the common currency could remain rangebound through today’s trade.
US Dollar (USD) trims inflation gains amid upbeat trade
The US Dollar (USD) wavered lower over the course of Wednesday’s session, as risk-on trade dampened the safe-haven currency.
This saw the ‘Greenback’ trim some of its post-inflation gains, although USD was able to resist steeper losses.
Tonight, a spate of impactful US data is due for release. Chiefly, the forecast of a 0.8% rise in retail sales in February could lift USD, should it meet expectations.
Canadian Dollar (CAD) capped despite rallying oil prices
The crude-linked Canadian Dollar (CAD) was cushioned yesterday by continually rising oil prices. However, an absence of economic releases limited its gains.
With Canadian data set to remain hard to come by today, the ‘Loonie’ could trade in tandem with oil price dynamics.
Data Releases
Mar 14th 22:30 USD PPI (Feb) 0.3%
Mar 14th 22:30 USD Retail Sales (Feb) 0.8%
Mar 14th 22:30 USD Initial Jobless Claims (09/Mar) 218,000