Gold and Bitcoin Rise, Fed is Eyed
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
An opportunity to trade GBP on the news
What will happen?
Great Britain will release retail sales for May on June 18, at 09:00 MT time. One cannot underestimate the importance of this indicator. The change in retail sales shows how active consumers are, how willing they are to spend in various shops. The more they spend, the better for the UK economy and, hence, for the British pound.
In April, when lockdown restrictions were lifted for non-essential shops, British retailers managed to return to normal sales volumes. If this trend has continued in May, it will be a positive sign for the nation’s GDP and currency.
How to trade on the British retail sales?
The indicator will have an impact on pairs containing the GBP.
- If it turns out to be higher-than-expected, the GBP will gain.
- Alternatively, GBP will lose.
Instruments to trade: GBP/USD, EUR/GBP, GBP/JPY.
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