The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
British retail sales surpass forecasts in August
In August, retail sales in Great Britain surpassed forecasts, driving optimism over the UK economy, as official data disclosed on Wednesday.
UK Office for National Statistics reported that in August retail sales went up by 1.0% from last month versus last 0.6% leap that was updated from an initial 0.3% jump.
Financial experts had expected August’s outcome to go up by nearly 0.2%.
Retail sales soared 2.4% the previous month year-on-year. It confounded forecasts for a 1.1% surge and it turned to be stronger than July’s 1.4% jump.
Additionally, core retail sales, excluding car sales and fuel, jumped by 1.0% in August versus the previous 0.7% ascend that was updated up from an initial soar of 0.5%.
Experts had hoped core retail sales would inch up by 0.2% the previous month.
In August, core retail sales managed to grow 2.8% year-on-year versus the previous month’s 1.7% ascend (updated up from 1.5%).
Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news! Today’s events: USA, UK, Hong…
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…