Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
US Retail Sales
A change in retail sales is one of the most important economic indicators for the US economy and the USD. The bigger the reading of this indicator, the more American people spent on various products. Consumer spending is a vital piece of data that helps to determine the economic health of a country. Retail sales are the earliest and the broadest gauge of consumer spending data, that’s why investors pay great attention to this indicator. The retail sales figure will be released on July 16 at 15:30 MT time.
The difference between the forecast and the actual data makes the currency move. Up to date, the US dollar has been highly volatile depending on economic data. The retails sales figure won’t be an exception.
• If the data is greater than the forecast, the USD will rise.
• If the data is weaker than the forecast, the USD will go down.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.