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
- U.S. Retail Sales
- U.S. Capacity Utilization Rate
In yesterday’s U.S. currency trading, the U.S. dollar traded in a tight range 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 EUR/USD following today’s release of U.S. retail sales data.
Among European currencies, the pound saw mixed trading against the yen. The GBP/JPY pair remained in a stalemate around the 20-day moving average, fluctuating between 180.571 and 182.146. Price action has been extremely lackluster during today’s Asian session, with no clear direction emerging, so 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 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 will provide direction for the EUR/USD pair.
Author: Keisuke Sakurai
