US Retail Sales Expecting Increase
December 11th, 2009 Posted in Daily Forex News
Name: Natalie
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12:15 GMT EUR President Trichet Speaks
- ECB President Nov 2003 – Nov 2011. Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues.
- Following the rate decision last week, which began outlining the exit strategy from the crisis, Jean-Claude Trichet will be making a public appearance in a conference in London. He might hint about future policy and rate hikes in this appearance, now that recovery is happening.
- With recovery becoming more real in the US, the better figures in Europe have less importance, thus the EUR currency is not likely to continue upwards. The range lines of 1.4775 to 1.4830 still remain on the chart for EUR/USD
13:30 GMT USD Retail Sales/ Core Retail Sales
- This is the earliest and broadest look at vital consumer spending data. It measures the change in the total value of sales at the retail level. The Core Retails sales report is simply all Retail Sales less automobile sales.
- Analysts are expecting a growth figure of 0.5% for Core and 0.6% for Retail Sales this month. That would be a positive sign for core growth which posted 0.2% gain last month.
- If the actual numbers will be in line with or higher than expected this would drive up the value of the equities, and would put some downward pressure on the value of the US dollar. If these figures disappoint though, safe haven US dollar and yen would be the likely beneficiaries of strength as equities pull back.
14:55 GMT USD Prelim UoM Consumer Sentiment
- Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
- Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity.
- Actual > Forecast = Good for U.S currency. Although, under current market conditions the reverse tends to be true against some currencies, as bad data has been triggering the purchase of US bonds.
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