Will the economic data drive the USD up?

Will the economic data drive the USD up?

What will happen?

The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15. American economic recovery has been the prevailing topic for traders in the past few months. It seems like everything depends on it: the better the US figures, the higher the probability that American central bank, the Federal Reserve, will start increasing interest rates. Higher rates, in turn, will make traders buy the greenback and sell gold.    

Notice that in April US retail sales unexpectedly stalled as the boost from stimulus checks faded, while PPI spiked 6.2% for the 12 months ended in April. 

How to trade on the US data?

Ahead of the release, determine support and resistance levels for the pairs that have the USD in them. If the difference between the forecast and the actual number is big, the price will likely break those levels.

  • If the actual figures exceed forecast levels, the USD will rise.
  • If the releases disappoint, the USD will fall.

Instruments to trade: EUR/USD, USD/JPY, USD/CAD, XAU/USD

Check the economic calendar

US retail sales.jpg

START TRADING

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

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