Trading plan for Aug 16

  • The USD index rose to the highest level since June 2017 on Wednesday. US retail sales data showed that American economy continues to outperform.
  • The index peaked ahead of 97.00 and pulled back on Thursday. Risk aversion eased down on news that a Chinese delegation will travel to the United States late in August to hold trade talks. AUD/USD recovered on this news. Domestic data from Australia were mixed.
  • Turkish crisis continues. Turkey doubled tariffs on some US imports, but the actions of finance authorities helped the lira recover.
  • EUR/USD slid to 1.13. The euro is hit by concerns that Turkish financial turmoil will affect the euro area. The level provided support for the euro but it will meet resistance around 1.1450.
  • The GBP kept declining on Wednesday on fears of no-Brexit deal and strong USD. Still, GBP/USD found some support at 1.2660 ahead of 1.2580.

Events on Thursday:

11:30 MT time – British Retail Sales

15:30 MT time – US Building Permits, Housing Starts & Philly Fed Manufacturing Index

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