In This Article:
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar. The Kiwi Dollar was in action in the early part of the day.
Away from the economic calendar, disappointing economic data from the U.S on Thursday and U.S – China tensions tested market risk appetite early.
Looking at the latest coronavirus numbers
According to figures at the time of writing, the number of new coronavirus cases rose by 270,301 to 15,650,441 on Thursday. On Wednesday, the number of new cases had risen by 288,688. The daily increase was lower than Wednesday’s rise while up from 238,925 new cases from the previous Thursday.
Germany, Italy, and Spain reported 3,593 new cases on Thursday, which was up from 2,217 new cases on Wednesday. On the previous Thursday, 2,175 new cases had been reported.
From the U.S, the total number of cases rose by 69,116 to 4,169,991 on Thursday. On Wednesday, the total number of cases had increased by 72,306. On Thursday, 23rd July, a total of 76,953 new cases had been reported.
The Kiwi Dollar
New Zealand’s June trade figures were in focus.
According to NZ Stats,
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Goods exports increased by NZ$107m (2.2%) to NZ$5.1bn in June, compared with June 2019.
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Rising exports to the U.S and the EU offset falling exports to Australia, China, and Japan.
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Imports were little changed, rising by just NZ$11m (0.2%) to NZ$4.6bn.
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Year-on-year, the trade deficit narrowed from NZ$1,290m to NZ$1,200m.
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The monthly trade surplus stood at NZ$426m. In May, the surplus had stood at NZ$1,286m.
The Kiwi Dollar moved from $0.66353 to $0.66387 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.14% to $0.6644.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.33% to ¥106.51 against the U.S Dollar, with the Aussie Dollar up by 0.23% to $0.7114.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include July’s prelim private sector PMI numbers for France, Germany, and the Eurozone.
Expect service sector PMIs and the Eurozone’s composite to be the key drivers on the day. The ECB is looking for a consumption-driven economic rebound, putting service sector activity front and center.
Away from the calendar, chatter from Washington and Beijing, and updates on COVID-19 will also influence.
At the time of writing, the EUR was up by 0.15% to $1.1613.
For the Pound
It’s a relatively busy day ahead on the economic calendar. July’s prelim private sector PMIs are due out later this morning.
Expect the services PMI to have the greatest impact on the Pound.