Ahead of Fed’s statement
Get ready with us for the most important event of this week! The FOMC’s statement will be out on Wednesday at 21:00 MT time.
American retail sales speed down
In August, American retail sales demonstrated their smallest revenue for six months due to the fact that customers cut back on buying cars and clothing, although upward revisions to July data kept intact hopes for firm economic surge in the third quarter.
On Friday, other data disclosed the biggest sink in import prices for more than 1-1/2 years in August against the backdrop of a slump in the cost of fuels as well as a range of other products. Additionally, the dismal import price data showed up on the heels of soft inflation outcomes in August.
Apparently, signs of decelerating consumer spending as well as inflation didn’t change views that the key US bank is going to have interest rates raised later in September. The Federal Reserve has ramped up borrowing costs twice in 2018.
As the Commerce Department informed, retail sales rallied by 0.1% in August, which is the smallest leap since February. July’s data for July was updated upwards to show sales adding 0.7% instead of the previously posted 0.5% profit.
Market experts had foreseen retail sales rallying by 0.4% in August. Last month retail sales managed to leap by 6.6% from 2017.
Excluding gasoline, cars, food services, and building materials retail sales tacked on by 0.1% in August after an upwardly updated 0.8% rally in July.
Previously, core retail sales rallied by 0.5% in July. Notwithstanding the deceleration in core retail sales in August, consumer spending is still backed by a tightening labor market, steadily driving salaries.
In August, annual wage surge tacked on at its fastest tempo for more than nine years, Spending had been also backed by tax cuts as well as higher savings, not to mention high consumer sentiment.
The evergreen buck jumped versus a group of key rivals on the data.
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Big day for Forex market
The FOMC will make a statement on September 16 at 21:00 MT time!
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Optimistic vaccine news improved market sentiment. Stocks and riskier assets are rising, while the US dollar is dipping down. Let’s have a closer look.
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CAD is in focus
Follow Canadian core retail sales on September 18 at 15:30 MT time!
Main market movements on September 17
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
How to trade GBP after BOE statement?
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!
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