Earlier in the day:
A relatively busy day has started on the economic calendar this morning. The Kiwi dollar and Australian dollar were active early this morning.
For the kiwi dollar
The focus this morning was on employment data.
IN 1st for the quarter, employment increased 0.6% after rising 0.6% in the 4th quarter.th quarter of last year. Economists had forecast 0.2% growth.
According to NZ statistics,
- The unemployment rate fell from 4.9% to 4.7% in the March quarter, down from a 5.2% peak in the third quarter.
- However, despite the decline in the unemployment rate, unemployment remained high compared to previous years.
- The underutilization rate increased by 0.4 percentage points to 12.2% over the previous quarter. On an annualized basis, the underutilization rate increased by 1.8 percentage points.
- Compared to the previous quarter, the employment rate increased from 66.8% to 67.1%, down 67.7% compared to the March 2020 quarter.
The kiwi dollar declined from $ 0.71500 to $ 0.71701 after the data was released. At the time of writing, the qiwi dollar is up 0.41% to $ 0.7174.
For the Australian dollar
Building permits were in the spotlight this morning.
In March, building permits rose 17.4% after rising 21.6% in February. Economists had forecast a more modest growth of 3.0%.
Following the release of the data, the Australian dollar fell from $ 0.77254 to $ 0.77304. At the time of writing, the Australian dollar is up 0.38% to $ 0.7736.
In the other place
At time of writing, the Japanese yen is up 0.06% to hit 109.26 against the US dollar.
We have a busy day ahead in terms of economic data. The service sector PMIs for Italy and Spain are to be published along with the final PMIs for France, Germany and the Eurozone.
Unless there is a noticeable revision of the preliminary data, Italy’s services PMI and the eurozone composite PMI are likely to have the biggest impact.
The devil will be in the details: employment, new orders, and industry optimism are likely to be significant findings from the polls.
At the time of writing, the euro is up 0.09% to $ 1.2025.
The economic calendar has a quiet day ahead. There are no significant statistics for the markets to consider ahead of tomorrow’s Bank of England monetary policy decision.
The lack of statistics will leave the pound in the hands of market risk sentiment that day.
At the time of writing, the pound is up 0.18% to hit $ 1.3912.
Across the pond
The economic calendar has a relatively busy day ahead. ISM’s preferred non-manufacturing PMI, as well as final Markit services data and PMI aggregates, are expected to be released.
Ahead of the private sector PMI, ADP’s non-farm employment data will also be released.
Expect nonfarm payrolls change from ADP and non-manufacturing PMI to have the biggest impact on this day.
At the time of writing, the Spot Dollar Index is down 0.12% to 91.177.
The economic calendar has a quiet day ahead. There are no statistics outside of Canada to give Looney direction. The lack of statistics will leave the Canadian dollar in the hands of crude oil inventories and intraday market risk sentiment.
At time of writing, the Canadian dollar is up 0.18% to trade at 1.2287 Canadian dollars against the US dollar.
For all of today’s economic events, check out our economic calendar.