Attention Turns to U.S. Economic Trends Following Release of U.S. Retail Sales Data
17.08.2021
- U.S. Retail Sales
- Remarks by U.S. Federal Reserve Chair Powell
Yesterday, U.S. stock prices rose slightly, resulting in a market environment characterized by higher stock prices, flat interest rates, and flat crude oil prices. The fear index (VIX) rose by about 4% to 16.1. The Russell 2000 continued to decline and is trading around 2,203 points.
In the foreign exchange market, commodity-linked currencies such as the Australian and Canadian dollars are seeing notable declines. The AUD/JPY pair, amid concerns over a third wave of the novel coronavirus, fell to 79.7.Additionally, since Canada’s June wholesale sales, released yesterday, came in at -0.8% versus the forecast of 0.5%, the USD/CAD pair rose from 1.251 to 1.259. As the pair is rebounding along the 200-period moving average on the 4-hour chart, traders should exercise caution when chasing higher prices, just to be safe.
Today, the UK unemployment rate and jobless claims will be released at 15:00 during Asian trading hours; Turkish housing starts at 20:30 during European trading hours; U.S. retail sales at 21:30 during U.S. trading hours;at 10:15 p.m. U.S. industrial production and capacity utilization, at 11:00 p.m. U.S. business inventories and the NAHB Housing Market Index, at 2:30 a.m. remarks by Fed Chair Powell, and at 4:45 a.m. remarks by Kashkari, President of the Minneapolis Fed.We will monitor price movements closely while paying close attention to various economic indicators and news reports.
