US Retail Sales Up Next
The key data focus today is on the July US retail sales due to be released later this afternoon. With recent data having been mixed, the release is a tough one to gauge. The bumper US jobs report was offset by a weaker-than-expected CPI print for July and heading into today’s release, the market is looking for the core reading to print just 0.2%, from the prior month’s 1.3% reading. On the headline reading, the market is looking for -0.2%, down from the prior month’s 0.6% result. Obviously, with such low expectations there is plenty of room for an upside surprise. However, unless today’s results come in stronger than last months, they will likely take some shine off the US Dollar in the near term.
Where to Trade US Retail Sales?
USDJPY
With JPY continuing to rise amid strong safe haven flows, any data-induced USD weakness has the potential to drive USDJPY even lower. With MCAD bearish now and RSI turning lower, a break of the rising trend line and the 108.71 level will turn focus to the deeper 107.91 level next.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.