Private Sector PMIs and US ADP Nonfarm Figures Put the EUR and the Dollar in the Spotlight

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic calendar.

Italian and Spanish service sector PMI figures for January are due out.

Finalized numbers are also due out, along with composite PMIs, for France, Germany, and the Eurozone.

Barring any marked revisions from prelims, expect Italy and the Eurozone’s PMIs to be the key drivers.

Later in the day, prelim January inflation figures for Italy and the Eurozone will also draw attention.

Expect the Eurozone’s annual rate of inflation to have the greatest impact on the EUR.

Away from the economic calendar, expect COVID-19 news updates to also continue to influence.

At the time of writing, the EUR was up by 0.03% to $1.2048.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. January’s finalized services and composite PMIs are due out later this morning.

Expect any marked downward revisions to prelim figures to pin back the Pound.

At the time of writing, the Pound was up by 0.08% to $1.3679.

Across the Pond

It’s a busy day ahead on the economic calendar.

ADP nonfarm employment change figures are due out along with the market’s preferred ISM Non-Manufacturing PMI for January.

Expect both sets of numbers to provide the Dollar with direction.

Finalized Markit survey PMI numbers are also due out but should have a muted impact on the markets.

Away from the economic calendar, chatter from Capitol Hill will remain a key area of interest.

At the time of writing, the Dollar Spot Index was down by 0.19% to 91.028.

For the Loonie

It’s another particularly quiet day on the economic data front, with no material stats to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of the weekly EIA and API crude oil inventory numbers.

At the time of writing, the Loonie was up by 0.11% to C$1.2767 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.