Attention Turns to U.S. Economic Trends Following Release of 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 VIX (fear index) rose by about 4% to 16.1. The Russell 2000 continued to decline and is currently around 2,203 points.
In the foreign exchange market, the Australian and Canadian dollars—currencies of resource-rich nations—are seeing particularly sharp declines.The AUD/JPY pair, which is facing concerns over a third wave of the novel coronavirus, fell to 79.7. Additionally, the USD/CAD pair rose from 1.251 to 1.259 after Canada’s June wholesale sales, released yesterday, came in at -0.8% against a forecast of 0.5%. Since the pair is rebounding along the 200-day moving average on the 4-hour chart, traders should exercise caution regarding further upside movements just in case.
Today, the UK unemployment rate and jobless claims will be released at 3:00 PM during Asian trading hours, Turkish housing starts at 8:30 PM during European trading hours, and U.S. retail sales at 9:30 PM during U.S. trading hours.at 10:15 PM, U.S. industrial production and capacity utilization; at 11:00 PM, U.S. business inventories and the NAHB Housing Market Index; at 2:30 AM, remarks by Fed Chair Powell; and at 4:45 AM, remarks by Neel Kashkari, President of the Federal Reserve Bank of Minneapolis. We will monitor price movements closely while paying close attention to these indicators and related news reports.
Author: Keisuke Sakurai
