The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
All eyes on US CB consumer confidence
The report will be out on August 25 at 17:00 MT time!
Instruments to trade: EUR/USD; USD/JPY; GBP/USD; USD/CAD
The consumer confidence has direct influence on consumer spending, which, in turn, plays the key role in the overall economic activity. The last report for July came out worse than analysts expected. It turned out 92.6, while the forecast was 94.5. That was obviously the coronavirus effect. New virus cases rose steadily during that time. However, these days things have changed. The infections’ curve is declining. In addition, other economic indicators showed that the economy is rebounding and people are getting back to work. However, we can’t be absolutely confident what the report will bring. Don’t miss the USD move!
- If the US consumer confidence is better than the forecasts, the USD will rise.
- Otherwise – fall.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).