Blog: Economic Data and Brexit Put the Pound in the Spotlight – FX Empire

The Day Ahead:

For the EUR

It’s a relatively busy day ahead on the economic calendar. Key stats include ZEW Economic Sentiment figures for Germany and the Eurozone. Finalized September inflation figures for Germany are also due out but should have a muted impact on the EUR.

Away from the economic calendar, any further talk of a reintroduction of lockdown measures, Brexit, and U.S politics will also influence.

At the time of writing, the EUR was down by 0.15% to $1.1795.

For the Pound

It’s a busy day ahead on the economic calendar. Key stats include September’s claimant counts and August’s unemployment rate and employment change figures.

With the UK seeing a marked increase in new COVID-19 cases in September, any jump in claimant counts will weigh.

Earlier in the day, the BRC Retail Sales Monitor rose by 6.1% in September, year-on-year. In August, the Monitor had risen by 4.7%. The upbeat data failed to provide early support for the Pound, however.

Away from the economic calendar, updates from Brexit negotiations ahead of the EU Summit will be key.

At the time of writing, the Pound was down by 0.15% to $1.3045.

Across the Pond

It’s a relatively busy day ahead for the U.S Dollar. September inflation figures are due out later today.

Barring particularly dire numbers, however, the stats are unlikely to have a material impact on the U.S Dollar. Weak numbers would test market risk sentiment that would be Dollar positive…

Away from the economic calendar, U.S politics will remain the key driver on the day. Updates from Capitol Hill on stimulus talks and U.S Presidential Election campaign chatter will influence.

The Dollar Spot Index was up by 0.12% to 93.176 at the time of writing.

For the Loonie

It’s a quiet day ahead, with no material stats to provide the Loonie with direction.

While there are no material stats, OPEC’s monthly report should provide crude oil prices with direction after last week’s supply disruption driven bounce.  Any doom and gloom on demand and expect the Loonie to struggle.

At the time of writing, the Loonie was down by 0.14% to C$1.3133 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

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