Strong USD on Tuesday
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
US retail sales will drive the USD
There are several important economic indicators released in the United States every month. Retail sales is one of them. It will be released at 15:30 MT time on August 15. In the economic calendar, you will find the monthly growth of this indicator. The higher it is, the better for the US economy and for the USD.
So far, American retail sales figures have been strong. Data in July showed the indicator advanced in June for the fifth month in a row. Notice that the US will release 2 indicators, retail sales and core retail sales. The latter excludes the sales of automobiles. Both indicators are important for the exchange rate of the greenback.
• 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.
Check the economic calendar
Similar
Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
Will the US CPI boost the USD?
The American CPI is announced on Wednesday at 15:30 MT time.
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The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
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.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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