Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
Friday is perfect time to trade GBP
What will happen?
UK retail sales will be out at 9:00 MT on March 26. This data is significant for traders as it is the main gauge of consumer spending, which accounts for the majority of overall economic activity. Last time, retail sales in the United Kingdom were much worse than expected as they plunged by 8.2%, which was the largest drop since a record 18% fall in April. Obviously, this poor data was caused by the coronavirus restrictions. However, things are getting better. Due to UK’s extraordinary vaccination pace, the economy has started recovering faster than expected. Major banks have already upgraded their projections for the UK’s economic growth. Therefore, we might expect encouraging numbers this time.
How to trade on UK retail sales?
What you need is just open the economic calendar at 9:00 MT on Friday and compare the actual numbers with the expected.
- If the retail sales are greater than the forecast, the GBP will rise,
- Otherwise – fall.
Instruments to trade: GBP/USD, EUR/GBP, GBP/CHF, GBP/CAD
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