The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
Retail sales may strengthen the USD
The USA will publish retail sales and core retail sales on November 17, at 15:30 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
In general, the indicators of retail sales demonstrate a change in the total value of sales by consumers and businesses. They help to understand current consumer demand and suggest whether the economy is heading towards expansion or contraction. Traders take into account not only the headline indicator but also the core one. The latter is calculated without volatile automobile sales, making figures more accurate. Based on the data published, we may propose the further destiny of the USD. Last time, both headline (+1.9%) and core (1.5%) indicators outperformed the forecasts. This news pushed the US dollar higher in a short term.
- If the indicators are higher than the forecasts, the USD will go up;
- In case of an alternative scenario, the USD will fall.
Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.