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

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

In the previous day’s U.S. currency trading, the U.S. dollar traded sideways against the euro as the Dollar Index recovered to the 100 level after having fallen below it. 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. In today’s Asian session, the euro has gained ground, and the EUR/USD pair is trading slightly higher.We will be watching for any directional movement in the EUR/USD pair following today’s release of U.S. retail sales data.

In the European currency markets, the pound saw mixed trading against the yen. The GBP/JPY pair remained in a stalemate around the 20-day moving average, trading in a narrow range between 180.571 and 182.146. Price action has been extremely subdued during today’s Asian session, with no clear direction emerging; therefore, 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 8:30 PM, Canadian Housing Starts at 9:15 PM, the Canadian Consumer Price Index, Canadian Industrial Production, and the Canadian Raw Materials Price Index at 9:30 PM, U.S. Retail Sales at 9:30 PM, U.S. Industrial Production and U.S. Capacity Utilization at 10:15 PM, and U.S. Business Inventories at 11:00 PM,the US NAHB Housing Market Index and remarks by US Federal Reserve Vice Chair Bar, at 29:00 US Foreign Investment in US Securities, and at 7:45 the following day, New Zealand’s Q2 Consumer Price Index. We will carefully assess whether the release of US retail sales will provide direction for the EUR/USD pair.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran