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All eyes are on whether the release of U.S. retail sales figures will provide direction for the euro-dollar exchange rate.

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All eyes are on whether the release of U.S. retail sales data will provide direction for the euro-dollar exchange rate.

18.07.2023

Today's Highlights
  1. U.S. Retail Sales
  2. U.S. Capacity Utilization Rate

In U.S. currency trading the previous day, the U.S. dollar traded in a tight range against the euro as the Dollar Index, which had fallen below 100, recovered to the 100 level. The EUR/USD pair traded within a very narrow range between 1.1203 and 1.1249, fluctuating around the 20-period moving average on the hourly chart.Meanwhile, during today’s Asian trading session, the euro has been gaining ground, and the EUR/USD pair is trading slightly higher. We will be watching for any directional movement in the EUR/USD following today’s U.S. retail sales report.

Among European currencies, the pound saw a back-and-forth movement against the yen. The GBP/JPY pair remained in a stalemate straddling the 20-day moving average, trading sideways between 180.571 and 182.146.Price action remains extremely subdued during today’s Asian session, and with no clear direction emerging, we will be closely monitoring whether the pound’s strength or weakness shifts as we move into the U.S. session.

Today’s economic indicators include the Turkish Housing Price Index at 20:30, Canadian Housing Starts at 21:15, the Canadian Consumer Price Index, Canadian Industrial Production, and the Canadian Raw Materials Price Index at 21:30, U.S. Retail Sales at 21:30, and at 22:15, U.S.Industrial Production, and U.S. Capacity Utilization; at 23:00, U.S. Business Inventories, the U.S. NAHB Housing Market Index, and remarks by U.S. Federal Reserve Vice Chair Bar; at 29:00, U.S. Foreign Investment in U.S. Securities; and at 7:45 the following day, New Zealand’s Q2 Consumer Price Index.We will carefully assess whether the release of U.S. retail sales data will provide direction for the EUR/USD pair.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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