In This Article:
Earlier in the Day:
It was another relatively busy day on the economic calendar through the Asian session this morning. Key stats included August electronic card retail sales figures out of New Zealand and August business confidence figures out of Australia.
August inflation figures out of China also influenced in the early part of the day.
For the Kiwi Dollar
Electronic card sales rose by 1.1% in August, month-on-month, following a 0.1% fall in July. It was the largest increase in spending since a 1.8% rise in January.
According to NZ Stats,
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Spending increased in 5 of the 6 retail industries, month-on-month.
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The largest increases in spending were:
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Durables, including hardware, furniture, and appliances (+1.7%).
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Consumables, including groceries and liquor (+0.8%).
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Hospitality (+1.5%).
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Spending in the apparel industry rose by 4.5%.
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Core retail spending (excl. vehicle-related industries) rose by 1.3%.
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The Kiwi Dollar moved from $0.64259 to $0.64278 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.19% to $0.6436.
For the Aussie Dollar
The NAB Business Confidence Index fell from 4 to 1 in August.
The pullback came in spite of the RBA rate cuts over the summer, the removal of political uncertainty and personal tax relief.
The Aussie Dollar moved from $0.68663 to $0.68589 upon release of the figures. At the time of writing, the Aussie Dollar was down 0.10% to $0.6855.
Out of China
The annual rate of inflation held steady at 2.8% in August, coming in ahead of a forecast of 2.7%. Month-on-month, consumer prices rose by 0.7%, following on from a 0.4% rise in July. Economists had forecast consumer prices to rise by 0.5%.
Wholesale price inflation disappointed, with the Producer Price Index falling by 0.8% in August, following on from a 0.3% fall in July. Economists had forecast a 0.9% fall.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.13% to ¥107.38 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s another relatively quiet day ahead on the economic calendar. 2nd quarter nonfarm payroll figures are due out ahead of the European open. With the ECB’s focus on labor market conditions, a fall in payrolls will weigh on the EUR early on.
French and Italian industrial production figures are also due out and will also influence.
Outside of the numbers, Brexit chatter and sentiment towards fiscal and monetary policy will also provide direction.
At the time of writing, the EUR was down by 0.05% to $1.1042.
For the Pound
It’s another busy day ahead on the data front. Key stats include August claimant count numbers and July wage growth numbers and unemployment rate.