Pre-Thanksgiving economic data puts the greenback and the US economy in the spotlight

The day to come

For the euro

It’s a relatively busy day on the economic calendar. The German Ifo Business Climate Index and its subcomponents will be the focus of attention later this morning.

Markets will be looking for any concerns regarding the recent spike in new cases of COVID-19. A weaker sentiment would test the euro’s support.

At the time of this writing, the Euro was down 0.05% to $ 1.1242.

For the pound

It’s a relatively calm day on the economic calendar. Economic data is limited to industrial trend orders from the CBI.

With little else to consider, expect the numbers to influence.

On the monetary policy front, MPC member Tenreyro will also generate interest later today.

At the time of this writing, the pound was down 0.02% to $ 1.3375.

Across the pond

It’s a particularly busy day on the economic calendar, with US markets closed for Thanksgiving on Thursday.

Key stats include 3e Quarterly GDP, personal spending, inflation, jobless claims and basic durable goods orders.

Other stats include business data, finalized consumer sentiment, and housing industry data which are expected to have a moderate impact on the dollar.

On the monetary policy front, the minutes of the FOMC meeting will also receive a lot of attention at the end of the day. Expect the focus to be on FOMC members’ sentiment towards inflation and the economic outlook

At the time of this writing, the US Dollar Spot Index was up 0.04% to 96.531.

For the loonie

It’s a particularly calm day ahead, with no major statistics to consider.

The lack of statistics will leave the loonie in the hands of US economic data and crude oil inventories.

At the time of this writing, the loonie was down 0.06% to C $ 1.2678 against the US dollar.

For an overview of all of today’s economic events, check out our economic calendar.

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