Pound Sterling (GBP)
There aren’t any particularly influential domestic data releases on Thursday to provoke market movement. Both the Lloyds Business Barometer and the CBI Reported Sales will be of interest in terms of the UK economic standing, but have no real influence over the Pound.
The Eurozone data due for publication on Thursday is far more likely to stimulate movement for the Pound.
It is unlikely that the Pound will make any huge gains until there is more development with the Scottish bid for independence. The increasing unknowns will make Sterling much less desirable in terms of long-period investment.
Euro (EUR)
Thursday will have a plethora of European domestic data publications of varied influence.
German Unemployment Change, German Unemployment Rate and the German Consumer Price Index rank particularly highly in terms of their influence on wider market movement.
Eurozone data will have a significant effect on both the strength of the Euro and the strength of Sterling. However if the Eurozone data prints positively and the German data prints negatively, trader focus will be drawn to the German data to gauge market movement.
US Dollar (USD)
Thursday is a crucial day in terms of US domestic data and the influence that might have.
The US Gross Domestic Product data will be of enormous significance both as a gauge for determining current US economic standing, and also as a prominent market mover.
Also of high importance will be the publication of the labour market data as that has intimate tie-ins with the Federal Reserve’s plans for the timing of an interest rate hike. Continuing Claims and Initial Jobless Claims, therefore, holds nearly as much weighting as the GDP data mentioned above.
Personal Consumption, Core Personal Consumption Expenditure and Pending Home Sales will also be of interest to those invested in the US Dollar.
Australian Dollar (AUD)
The Australian Dollar has only one domestic data publication of any significance on Thursday. If the HIA New Home Sales figures post positively the ‘Aussie’ (AUD) is likely to continue on its current upward trend.
The ‘Aussie’ will also benefit if the US data doesn’t print as positively as expected, and if the New Zealand Dollar continues to be bearish.
New Zealand Dollar (NZD)
There is only one economic data publication for New Zealand tomorrow and it doesn’t have much influence on market movement.
The ‘Kiwi’ (NZD) may trend higher depending on the extent and likelihood of the recent dairy export deal with China.
Canadian Dollar (CAD)
There are only two economic data publications tomorrow for Canada, and neither has any huge influence over market movement.
The ‘Loonie’ is likely to continue trending high after the announcement of Burger King’s intention to merge with Canadian coffee and doughnut giant Tim Hortons.
The Canadian Dollar is also likely to benefit if the US domestic data prints negatively.
South African Rand (ZAR)
Thursday will be of significance to South Africa with the producer prices data due for publication. The year-on-year Producer Price Index is forecast to have grown by 7.5%.
Indian Rupee (INR)
With nothing in terms of economic data to provoke movement the Indian Rupee is likely to continue to soften as the coal scandal hearing looms ever closer.
The Rupee may show some gains if the Euro continues to perform badly; the Rupee will track other Asian currencies which experience a direct benefit from the Euro’s demise.
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