The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Will the recovering US retail sales boost the USD?
The US retails sales are announced on Tuesday at 15:30 MT time.
Instruments to trade: EUR/USD; USD/JPY; GBP/USD; USD/CAD
April was a disastrous month for the US sales which sank more than 16%. The effect was even more hurtful as it was far worse than the expected -12%. May, however, is supposed to reflect the start of recovery. As unnoticeable as it usually goes, this indicator may be crucial this time in defining the stock market’s mood as it’s been on a bullish trend alarmingly against raw data. On the other hand, if the sales indeed show that the economy is confidently picking up, that will definitely boost the USD and launch the stock market into another bullish wave. The expectation is at -10% hence whatever comes higher than this will be taken as good news.
- If the retail sales reflect a confident recovery, the USD will rise.
- If the sales are slow to recover, the USD will fall.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).