US Retail Sales Up Next
US retail sales will be the key data focus over today’s US session. On the back of better-than-expected jobs and inflation data for January, a strong reading today should help USD get back on track following a quieter couple of sessions. With risk sentiment rebounding amidst optimism that Russia/Ukraine tensions are fading, an upside beat today might help refocus the market on Fed tightening expectations, lifting USD in the near term. Given the importance of retail sales in calculating overall GDP, the reading is closely watched each month and is a key indicator of the health of the US economy.
Where to Trade US Retail Sales?
USDJPY
The grind higher in USDJPY has lost a lot of momentum recently. With the 116.07 level holding as resistance, risks of a correction lower are growing. However, with MACD and RSI turning higher, we might see one final push higher before we get a proper pull back. If today’s data is good, keep an eye on a topside break of the 116.07 level, looking for a move up to 117.02 initially.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.