The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
5 important things this week will bring us!
5 important things you need to know about this week!
US PPI (Wed, 15:30 MT time) – the USD needs strong support to exit the 95-95.50 channel. The forecast is encouraging; however, the actual data should beat the forecast to pull the USD up.
BOE Official Bank Rate (Thu, 14:00 MT time) – the market doesn’t expect any changes in the interest rate. However, clues on the future monetary policy will determine the further direction of the pound.
ECB Meeting (Thu, 14:45 MT time) – the market looks for the clues on the further tapering of the quantitative easing. If the bank is hawkish, the euro will rise.
US CPI (Thu, 15:30 MT time) – inflation data is the major driver of the currency. If the actual data is greater than the forecast, the USD will appreciate.
US Retails Sales (Fri, 15:30 MT time) – retail sales is one of the most important economic data. As a result, it affects the currency a lot. A rise of the figure will support the USD.
The NAFTA deal is still in the arena. Countries haven’t come to the agreement yet. As a result, the Canadian dollar is weak and is waiting for the support to appreciate against the USD.
OPEC/non-OPEC coalition meeting. Oil allies will meet on September 11 to discuss a new production strategy. Countries agreed to increase the oil production but haven’t come to an agreement on steps. The event will affect the oil market.
Let’s see whether there is more news this week.
The United States will release MoM Retail Sales data on September 16, 15:30 GMT+3.
Canada will release its inflation rate in different forms, including Common, Median, Trimmed, Core, and All items CPI on September 15, 15:30 GMT+3.
Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.