Thursday , 21 November 2024
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UK retail sales the highlight of the agenda in the session ahead

A stronger US retail sales report yesterday helped keep the dollar in a good spot on the week. Meanwhile, the euro was shaky from the ECB policy decision as Lagarde failed to comfort the economy doomsayers. She continued to highlight data dependency but markets might not take too kindly to that if the data continues to worsen, putting the ECB behind the curve.

The changes among major currencies so far today are leaving a lot to be desired. USD/JPY did take a peek above 150.00 but is holding just below the figure level for now. That comes with Treasury yields nudging up yesterday.

In other markets, gold continues to shine ever so brightly in a push above $2,700. Up, up, and away!

Looking to the session ahead, there won’t be much catalysts for traders to work with. The UK retail sales report is the main highlight on the agenda, with a slight decline expected in September.

As such, it might be a fairly pensive end of week trading session. The dollar is continuing to press forward, with EUR/USD now back below its 200-day moving average this week and eyeing 1.0800. And USD/JPY will be hoping for a hold above 150.00 but there is nearby resistance from its own 100-day moving average at 150.81 currently.

0600 GMT – UK September retail sales data0800 GMT – Eurozone August current account balance

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

This article was written by Justin Low at www.forexlive.com.

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