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On the economic calendar this morning, it’s a hectic start to the day. In the early hours, the Japanese Yen, New Zealand Dollar, and Australian Dollar were all in play, with Chinese data also in the spotlight.
The Yen (Japanese yen) is a currency in Japan
The focus was on the preliminary industrial production data for May.
According to the Ministry of Economy, Trade, and Industry, fell 5.9% in May, reversing a 2.9 percent gain in April. Economists had predicted a drop of 2.4 percent.
Motor vehicles, production machinery, electrical machinery, and information and communication electronics equipment were the industries that contributed the most to the drop.
Transportation equipment (excluding motor vehicles) and inorganic and organic chemicals were the biggest contributors to the increase.
Following the release of the numbers, the Japanese Yen changed from JPY110.545 to JPY110.528. The Japanese yen was up 0.04 percent against the US dollar at JPY110.490 at the time of writing.
China has left the country.
The NBS Manufacturing PMI fell from 51.0 to 50.9 in June, while the non-Manufacturing PMI decreased from 55.2 to 53.5.
PMIs of 50.8 and 55.0 were predicted by economists.
Following the release of the numbers that followed the RBA’s private sector credit figures, the Australian dollar moved from $0.75154 to $0.75142.
For the New Zealand Dollar
The ANZ Business Confidence Index was released in June.
The newest ANZ Report claims that
In comparison to May, headline business confidence fell 3 percentage points to -0.6 percent, but firms’ own activity increased 5 percentage points to +31.6 percent.
Both measurements did not differ significantly from the preliminary figures.
Inflationary pressures remained high, prompting a jump in retail pricing plans.
Cost forecasts increased by five percentage points to a net 86.2 percent.
A net 62.8 percent of respondents, up 6 percentage points, want to boost their rates.
Profit estimates increased by 2 percentage points to +5.8%, while export plans increased by 1 percentage point to +13.4 percent.
Following the announcement of the numbers, the New Zealand dollar rose from $0.69939 to $0.69951. The New Zealand Dollar was up 0.04 percent to $0.6995 at the time of writing.
The Australian Dollar
The focus was on the private sector credit data for May.
Total credit climbed by 0.4 percent in May, following a 0.3 percent gain in April, according to the RBA.
Housing credit increased by 0.6 percent in May, following a 0.5 percent gain in April.
After stalling in April, personal credit increased by 0.2 percent.
After falling by 0.3 percent in April, business credit was also on the upswing. Business credit increased by 0.2 percent in May.
Total credit increased by 1.9 percent year over year. Total credit increased by 3.2 percent in April.
In May, housing credit (-6.4 percent) and commercial credit (-2.0 percent) were both negatively impacted.
Following the announcement of the numbers, the Australian dollar moved from $0.75125 to $0.75110. The Australian Dollar was up 0.01 percent to $0.7513 at the time of writing.
The Day to Come
In terms of the Euro
On the economic data front, it’s going to be a busy day. The early part of the European day will be dominated by consumer spending in France and unemployment numbers in Germany.
Preliminary inflation statistics for France, Italy, and the Eurozone are also expected to pique attention.
Any negative consumer spending or unemployment data would be mitigated by an increase in inflationary pressure.
The EUR was up 0.03 percent to $1.1900 at the time of writing.
Pound for Pound
On the economic calendar, today is a rather calm day. The first quarter GDP data will be released in the early hours of the day.
The stats, on the other hand, are unlikely to have much impact. As the government attempts to curb the Delta strain, COVID-19 remains a crucial driver for the Pound.
The Pound was up 0.12 percent at $1.3852 at the time of writing.
Across the Pond Today will be a reasonably uneventful day.
The ADP nonfarm employment change, Chicago PMI, and pending home sales data are all scheduled to be released this week.
The ADP statistics will be crucial in forcing the FED to act, as a significant improvement in labor market conditions is required.
Any FOMC member talk on the day will also need to be monitored.
The Dollar Spot Index was up 0.02 percent to 92.066 at the time of writing.
The Loonie is a currency used in Canada.
On the economic data front, it’s going to be a busy day. The GDP data for April and the RMPI for May will be closely watched.
The GDP figures are expected to be crucial.
Crude oil inventory numbers, on the other hand, will have an impact on the day.
The Loonie was down 0.01 percent against the US Dollar at the time of writing, trading at C$1.2402.
Check out our economic calendar for a complete list of today’s economic happenings.
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