Gold Price Analysis – Economic Data Puts the EUR and the Greenback in Focus, with U.S Jobs Data Key
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. There were no major stats for the markets to consider in the early hours.
While there were no stats, the RBNZ was in action early in the Asian session.
For the Kiwi Dollar
The RBNZ raised the cash rate from 0.25% to 0.50% this morning, which was in line with market expectations.
The Kiwi Dollar moved from $0.69529 to a high $0.69791 following in response. At the time of writing, the Kiwi Dollar was up by 0.16% to $0.69672, ahead of the RBNZ press conference.
At the time of writing, the Japanese Yen was down by 0.14% to ¥111.620 against the U.S Dollar, with the Aussie Dollar down by 0.05% to $0.7288.
The Day Ahead
For the EUR
It’s a relatively busy day ahead on the economic calendar. German factory orders and Eurozone retail sales figures are due out later this morning.
Expect Germany’s retail sales figures to have a greater impact on the EUR.
Other stats include German construction figures that should have a muted impact on the EUR.
At the time of writing, the EUR was down by 0.03% to $1.1595.
For the Pound
It’s a relatively quiet day ahead on the economic calendar.
Construction PMI figures for September will be in focus later in the day.
Barring particularly dire numbers, however, the numbers are unlikely to have too much impact on the Pound.
Inflation and the UK economic outlook remain key areas of focus,
At the time of writing, the Pound was down by 0.02% to $1.3626.
Across the Pond
It’s a quiet day ahead, with ADP Nonfarm Employment Change figures for September in focus.
With the markets looking ahead to NFP numbers on Friday, expect market interest in today’s numbers.
At the time of writing, the U.S Dollar Spot Index was up by 0.04% to 94.008.
For the Loonie
It’s a particularly quiet day ahead for the Loonie. There are no major stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of crude oil inventories and market risk sentiment on the day.
At the time of writing, the Loonie was down by 0.03% to C$1.2587 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire