The US dollar’s weakness offered a boost to emerging-market currencies and oil.
Trade the US Dollar on the economic release
The level of US retail sales and core retail sales are due to release on December 14 at 15:30 MT time.
Last month the total value of sales at the retail level rose by a higher-than-expected level of 0.8%. In its turn, the level of core retail sales which represents retail sales excluding automobiles increased by 0.7%. It helped the USD to strengthen. If this time the indicators outperform the forecasts, it will happen again.
• If the data is higher than the forecast, the USD will rise.
• If the data is lower than the forecast, the USD will fall.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.