Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
High-Impactful Event for Forex: US Retail Sales
What will happen?
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3). There are two versions: Core Retail Sales and Retail Sales. Both indicators measure the change in the total value of sales at the retail level, but the core release excludes auto sales due to their high volatility.
Why is it important?
Retail sales are the primary measure of consumer spending, which accounts for the majority of overall economic activity. Last month, both releases encouraged the USD bulls with greater-than-expected numbers which were way better than initially thought. As a result, USD/CAD rocketed!
How to trade on US Retail Sales?
It’s easy! Just compare the actual Retail Sales with the market forecast, which appears a few days before the report in the economic calendar.
- If the sales are greater than the forecasts, the USD will surge.
- Otherwise – fall.
Instruments to trade: EUR/USD, USD/JPY, USD/CAD, and all other majors
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.