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Australian Retail Sales
|Tuesday, May 8, will be a busy day for the Australian dollar. Retail sales figures will come out at 4:30 MT time. Retail sales provide good insight into the nation’s economic activity, so positive data may support the AUD and will not let it plunge during the RBA’s outlook. This will create a great trading opportunity during the Asian session.|
The ECB statement and US unemployment claims will be out today. How the market will react?
The focus of traders’ attention shifted from concerns about the virus resurgence to hopes for a US stimulus package. As a result, the market sentiment improved, driving riskier currencies and stocks to the upside.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.