All eyes on U.S. retail sales
14.05.2021
- U.S. Retail Sales
- University of Michigan Consumer Sentiment Index
Yesterday, U.S. stock prices rebounded for the first time in four days, with the Dow Jones Industrial Average closing at $34,021, up 1.29% from the previous day. Although the U.S. Producer Price Index (year-over-year), released yesterday, came in at 6.2%, exceeding the forecast of 5.8%, the market appears to have temporarily weathered the sell-off triggered by inflation concerns.
In the foreign exchange market, the U.S. dollar is showing strength, with GBP/USD falling from 1.407 to 1.400. AUD/USD has also declined from 0.774 to 0.768. However, the Dollar Index appears to be capped by the 20-day moving average on the daily chart, so it will be important to watch for any directional cues as we approach the weekend. The Dollar Index currently stands at 90.71.
Today, the minutes of the ECB Governing Council meeting will be released at 20:30 CET, followed by Canadian manufacturing sales, Canadian wholesale sales, and U.S. retail sales at 21:30 EST,U.S. Import Price Index, at 22:00: Canadian Existing Home Sales, at 22:15: Industrial Production and U.S. Capacity Utilization, at 23:00: U.S. University of Michigan Consumer Sentiment Index (Preliminary), U.S. Business Inventories, and at 02:00: Remarks by Kaplan, President of the Federal Reserve Bank of Dallas. We will carefully monitor how the upward trend in the U.S. dollar evolves.
Author: Keisuke Sakurai
