Pound Sterling (GBP)
The UK will experience a quiet data-day on Thursday, leaving movement in the Pound exchange rate dependent on any global developments. Sterling saw a mixed day on Wednesday as the UK Unemployment Rate fell to 6.0% in the three months to August on the year. However, wage growth continues to be weak and a sore spot for the UK economic recovery. In the three months to August, wages only increased by 0.7% on a yearly basis.
Euro (EUR)
The Euro (EUR) rose higher versus the Pound (EUR/GBP) in the latter half of Wednesday as UK wage growth dampened the impact of a six-year low UK Unemployment Rate of 6.0%. Wednesday saw the final German Consumer Price Index meet the initial forecast of 0.8%, which kept the Euro steady. Thursday may prove to be more influential for the Single Currency as final Eurozone Consumer Price Index stats are released, along with the Trade Balance figures for the 18-nation area.
US Dollar (USD)
The US Dollar (USD) will see an exciting day on Thursday and may recoup Retail Sales-inspired losses following the release of US Initial Jobless Claims, Continuing Claims, Industrial Production, Manufacturing Production and the NAHB Housing Market Index. Furthermore, Fed Presidents such as Charles Plosser, Dennis Lockhart and Narayana Kocherlakota are scheduled to speak on the subjects of Monetary Policy and Workforce Development, which could encourage movement in the ‘Buck’.
Canadian Dollar (CAD)
The Canadian Dollar (CAD) will trade amid a lack of influential domestic data on Thursday, with only the release of Canadian Manufacturing Shipments and International Securities Transactions to be aware of. Wednesday saw Canadian Existing Home Sales tumble in September on a monthly basis by -1.4% after August’s 1.8% gain. Looking ahead, Friday will be much more influential for the ‘Loonie’ as the Bank of Canada releases its Consumer Price Index.
Australian Dollar (AUD)
The Australian Dollar (AUD) recorded impressive gains versus the US Dollar (AUD/USD) on Wednesday, trading between the boundaries of 0.8673 and 0.87887. China is Australia’s largest trading partner, yet despite poor Chinese inflation figures the ‘Aussie’ was still able to make ground against other currency majors. Thursday will see the release of Australian Consumer Inflation Expectations which may bolster the ‘Aussie’ exchange rate.
New Zealand Dollar (NZD)
The New Zealand Dollar (NZD) has been softening against currency majors as the threat of further dairy price cuts hovers over New Zealand’s economy. Thursday will see the release of the New Zealand Consumer Confidence Index which could help pull the ‘Kiwi’ slightly higher. However, with a lack of domestic data for the rest of the week, the New Zealand Dollar will remain reliant on any global developments for movement.
South African Rand (ZAR)
South Africa saw a positive result for Retail Sales on Wednesday with a 0.6% rise on the month in August. On a yearly basis Retail Sales are up 2.1% on the year, slightly less than July’s 2.4%. As the statistics reached higher-than-forecast figures and gained for a second consecutive month, the South African Rand (ZAR) enjoyed gains against a basket of other majors. With a quiet latter half of the week for data, Rand movement may be limited.
