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Greenback Improving Ahead of Retail Sales

FOREX
  • The greenback trades better bid ahead of the Thursday NY crossover, putting EUR/USD in range of next support at 1.1770 - the Sep13 low. A break south of here opens the 61.8% Fib at 1.1758. Market turnover is ahead of average, with EUR futures pointing to volumes around 50% ahead of average for this time of day.
  • NZD, JPY are among the only currencies outperforming the greenback at this juncture, with the former trading well after a better-than-expected GDP read. Q2 growth across New Zealand came in over double expectations at 2.9% vs. Exp. 1.1%. This pushed the Y/Y figure to an impressive 17.4%. This puts EUR/NZD within range of the September lows at 1.6533. A break below here marks the lowest rate since March.
  • Scandi FX is underperforming ahead of the Riksbank, Norges Bank rate decisions due next week. USD/SEK eyes the 50-dma at 8.6477.
  • Focus turns to weekly US jobless claims and the August retail sales report. Retail sales are expected to have slipped by 0.7% across the month, a slightly improvement on the July turn out. ECB's Lagarde is due to speak in Paris at 1300BST/0800ET.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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