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.The U.S. Producer Price Index (year-over-year), released yesterday, came in at 6.2%, exceeding the forecast of 5.8%, but it appears the market has temporarily weathered the sell-off triggered by inflation concerns.
In the foreign exchange market, the U.S. dollar is showing strength, and the GBP/USD pair has fallen from 1.407 to 1.400.The AUD/USD pair has also fallen from 0.774 to 0.768. However, the Dollar Index appears to be capped by its 20-day moving average on the daily chart, so it will be important to monitor which direction it takes as we head into the weekend. The Dollar Index currently stands at 90.71.
Today, the minutes of the European Central Bank (ECB) Governing Council meeting will be released at 20:30 European time; at 21:30 U.S. time, Canadian manufacturing sales, Canadian wholesale sales, U.S. retail sales, and the U.S. import price index will be released; at 22:00, Canadian existing home sales will be released;at 22:15, U.S. industrial production and capacity utilization; at 23:00, the U.S. University of Michigan Consumer Sentiment Index (preliminary); U.S. business inventories; and at 26:00, remarks by Kaplan, President of the Federal Reserve Bank of Dallas.We will carefully monitor how the US dollar, which is rising again, will move.
