Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
The US will publish important indicators
Information is not investment advice
The levels of retail sales and core retail sales for the US will be out on July 16, at 15:30 MT time.
The indicator of retail sales represents the change in the total value of sales at the retail level. Its core level shows data, which excludes automobile sales due to their high volatility. Last time the headline retail sales increased by a lower-than-expected level of 0.5% (vs. the forecast of +0.7%). At the same time, the core indicator came out in line with the expectations. It showed an increase of 0.5%. As a result, the USD failed to rise on these indicators. Will the release bring positive momentum to the USD this time?
• If the indicators are higher than the forecasts, the USD will rise;
• If the indicators are lower than the forecasts, the USD will fall.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.