Earlier in the Day:
It was a quiet start to the week on the economic calendar this morning. The Kiwi Dollar was focused within the early a part of the day.
Outside of the numbers, the COVID-19 updates and geopolitics also provided direction early . Some uncertainty over what lies ahead for China and therefore the U.S may become an element later within the day…
Looking at the newest coronavirus numbers,
On Sunday, the amount of latest coronavirus cases rose by 78,198 to 4,179,839. On Saturday, the amount of latest cases had risen by 100,666. The daily increase was far less than Saturday’s rise and less than an 80,636 increase on the previous Sunday.
France, Germany, Italy, and Spain reported just 3,549 new cases on Sunday, which was down from 5,163 new cases on Saturday. On the previous Sunday, 3,938 new cases had been reported.
From the U.S, the entire number of cases rose by 20,329 to 1,367,638 on Sunday. On Saturday, the entire number of cases had risen by 28,805. On Sunday, 3rd May, the entire new number of cases had risen by 27,348.
For the Kiwi Dollar
Electronic card retail sales tumbled by 46.8% in April, following a 4.6% decline in March.
According to NZ Stats,
- All industries showed unprecedented falls in April.
- Furniture, hardware, and appliances (durables) led the decline, with a 72% (NZ$1bn) slump.
- Hospitality sales, including accommodation, cafes, and restaurants tumbled by 93% (NZ$721m)
- New Zealand was under A level 4 lockdown for many of the month, resulting in the dire figures.
- The lockdown led to lower traffic volumes and restrictions on non-essential travel, which resulted in a 60% (NZ$291m) fall in fuel sales. Sliding pump prices contributed to the decline in April.
- Grocery sales had the littlest percentage percentage fall in April, down 11% (NZ$275m).
The Kiwi Dollar moved from $0.61283 to $0.61323 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.18% to $0.6147.
At tAt the time of writing, the japanese Yen was down by 0.25% to ¥106.92 against the U.S Dollar, while the Aussie Dollar was up by 0.24% to $0.6548.Advertisement0.6548.Advertisement
The Day Ahead:
For the EUR
It’s a very quiet day ahead on the economic calendar. There are not any material stats due out of the Eurozone to supply the EUR with direction.
The lack of stats will leave the main target on the newest COVID-19 numbers and any chatter from Brussels on economic policy .
Other drivers include any response to the German court ruling on the ECB’s bond-buying program and chatter from Beijing and Washington.
At the time of writing, the EUR was up by 0.06% to $1.0845.
For the Pound
It’s also a very quiet day ahead on the economic calendar. There are not any material stats due out of the united kingdom to supply the Pound with direction.
There’s many uncertainty over what lies ahead for the united kingdom and therefore the UK economy. A continued rise within the number of latest coronavirus cases and Brexit uncertainty remain negatives for the Pound.
From the weekend, the govt plans to ease lockdown measures supported the Pound early. Key, however, are going to be for brand spanking new coronavirus cases to avoid a pickup within the coming weeks. In spite of an easing in measures, the united kingdom remains behind the curve compared with EU member states and therefore the U.S.
At the time of writing, the Pound was up by 0.16% to $1.2430.
Across the Pond
It’s a quiet day ahead on the U.S economic calendar.
There are not any material stats to think about . That leaves the Greenback within the hands of the newest COVID-19 news and chatter from Beijing and Washington.
“Risk-on” sentiment within the early a part of the day pinned the Dollar back.
The Dollar Spot Index was down by 0.01% to 99.727 at the time of writing.
For the Loonie
It’s a quiet day on the economic calendar, with no material stats to supply the Loonie with direction.
Market risk sentiment are going to be the key driver on the day. As lockdown measures still ease, the overall consensus is that the worst is over, supporting the Loonie and other commodity currencies.
At the time of writing, the Loonie was up by 0.15% to C$1.3906 against the U.S Dollar.