Bitcoin Rallies Up, USD Takes Breath
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The US retail sales are out!
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
If everything is good, people have money. If they have money, they buy things. If they buy things, companies make good sales and get money as well. More money from companies – more invested back into the economy. This is one of the circles of how the money goes around the economy participants, but everything starts with people buying things. Since May, retail sales have been going down in the US. The last indicator was 0.6% - less than the expected 1%. Obviously, the market takes that as a disappointment and presses on the US dollar. If the same happens this week, the US dollar will see less ground to expand – again.
- If the monthly sales are higher than though, the USD will rise.
- Otherwise, it will get weaker.
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High-Impactful Event for Forex: US Retail Sales
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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