A Light Economic Calendar Leaves COVID-19 and Capitol Hill in Focus

by Warrior2

With a number of major markets closed for the day, COVID-19 vaccine news and chatter from Capitol Hill will be in focus.

Earlier in the Day:

It’s was a relatively quiet start to the week on the economic calendar this morning. The Japanese Yen was in action in the early part of the day.

Volumes were on the lighter side, with the Australian and New Zealand markets closed today.Advertisement

For the Japanese Yen

Industrial production stalled in November, following a 4.0% rise in October. Economists had forecast a 1.2% increase.

According to prelim figures from the Ministry of Economy, Trade, and Industry,

  • Industries that mainly contributed to the upside were:
    • Production machinery.
    • General-purpose and business orientated machinery.
    • Iron, steel, and non-ferrous metals.
  • Industries that mainly contributed to the downside were:
    • Motor vehicles.
    • Inorganic and organic chemicals.
    • Plastic products.

The Japanese Yen moved from ¥103.544 to ¥103.525 upon release of the numbers. At the time of writing, the Japanese Yen was down by 0.14% to ¥103.58 against the U.S Dollar.

Elsewhere

At the time of writing, the Aussie Dollar was flat at $0.7605, with the Kiwi Dollar up by 0.06% to $0.7121.Advertisement

The Day Ahead:

For the EUR

It’s a quiet day ahead on the economic calendar, with the French job seeker total figures in focus later today.

We don’t expect too much influence on the EUR, however, with COVID-19 news updates and Brexit in focus.

The markets are expecting the UK Parliament to support the agreement, so any deviation would test support for the EUR.

At the time of writing, the EUR was up by 0.09% to $1.2204.

For the Pound

It’s a particularly quiet day ahead on the economic calendar, with the UK markets closed. There are no material stats to consider through the day, which leaves the Pound in the hands of Brexit chatter.

The UK Parliament is set to vote on the Brexit agreement this Wednesday. Any talk of voting against the agreement would test support for the Pound.

While Brexit remains a key driver, COVID-19 news will also continue to influence.

At the time of writing, the Pound was down by 0.06% to $1.3552.

Across the Pond

It’s a quiet day ahead on the economic calendar. There are no material stats to provide direction, leaving the Dollar in the hands of COVID-19 and chatter from Capitol Hill.

Trump’s last moves as U.S President and any updates on the stimulus package will influence.

Early this morning, news hit the wires that Trump had signed the pandemic aid and spending bill.

At the time of writing, the Dollar Spot Index was up by 0.01% to 90.233.

For the Loonie

It’s also a quiet start to the week on the economic data front. There are no material stats due out, with the Canadian markets closed. The lack of stats leaves the Loonie in the hands of market risk sentiment on the day.

At the time of writing, the Loonie was up by 0.1% to C$1.2844 against the U.S Dollar.

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