The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Daily news: Britain's retail sales to be released today
- The main focus today is on the UK retail sales, which are expected to fall by 0.2% from the June’s increase by 0.7%. If it’s true, the analysts expect GBP/USD turn back towards its 1.3032 support level. In addition, the Times reported that Prime Minister Theresa May had rejected an improved offer from the EU to solve the Irish border issue. However, if the data today is positive, the resistance level to keep an eye on is at 1.3320.
- New Zealand published new data for the June’s quarterly GDP. It grew by 1.0% which is higher, than the forecast of 0.8%. These data and China’s premier Li Keqiang yesterday’s speech resulted in the kiwi reaching its last month highs. Right now NZD/USD is trading near the 50-day MA at 0.6650. After crossing this level, it can possibly move up further to the resistance at 0.6720. In the opposite situation, bears will push the price to the support at 0.6550.
- The Swiss National Bank had a meeting today. There were no major announces nor changes. The bank interest rate remains unchanged at 0.75%. The inflation stays stable at 0.9% in 2018, then goes down to 0.8% in 2019. Following this information USD/CHF experienced a sell-off today. Right now the pair is trading just above its support at 0.9640. Any positive news concerning the USD will turn the heads of traders to the resistance at 0.9750.
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The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
Last week was full of surprises! Stock indices have shown significant growth…
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).