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Focus turns to US retail sales
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now testing the previous low. A break below this level will push prices to reach fresh lows.
European Market View
Retail sales for July will be the key release from U.S. today, which is expected to have dropped back due to spreading of the delta variant. U.S. industrial production data for July is also released.
In the afternoon, Fed Chair Jerome Powell will in virtual town hall meeting with teachers and students give his view on the US economy, but he will probably wait for the Jackson Hole next week to give his verdict on timing and length of the upcoming tapering of quantitative easing.
Overnight, the Reserve Bank of New Zealand is expected to hike the official cash rate by 25 basis points on the back of strong domestic economic developments and rapid labour market recovery.
Global equities fell yesterday although US stocks made a big turnaround during the day and ended at day high with a couple of major indices in the green. Investors showed a strong preference for defensive stocks. S&P500 also posted fifth-straight record close yesterday. Health care stocks outperformed with consumer staples while energy was the biggest loser yesterday as oil price dropped further. Asian markets are mostly in red.
Covid-19 news from Asia are still worsening with Japan set to declare a state of emergency in seven more regions.
In the FX space, EUR/USD and Scandies dropped further yesterday. There is a general risk-off sentiment in markets at the moment. As for the dollar today, focus turns to US retail sales.
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