Forex Trading Prepares for U.S. Retail Sales Data
March 12th, 2010 Posted in In-Depth Analysis, Market Movers
Two major news releases are expected from the U.S today, the Retail Sales and Prelim UoM Consumer Sentiment. As with other recent U.S data, investors are looking to any sign of economic recovery as this may signal a sooner than expected monetary tightening. Any better than expected news will benefit the Dollar.
13:30 GMT – Retail Sales
Change in total value of sales – measures consumer spending and economic activity. Since consumer spending account for the majority of economic activity, this is an important indicator of economic growth and recovery.
14:55 GMT – Prelim UoM Consumer Sentiment
Measures financial confidence in consumers. When confidence grows, consumers spend and invest more thus supporting economic growth and recovery. Increased consumer confidence has positive affect on consumption and production, stimulating economic recovery.
A short term support level for the GBP/USD is 1.4990
A short term support level for the EUR/USD is 1.3630
Start trading with Natalie R. now:
Tags: daily tips, dollar, Forex Trading, forex trading tips, GBP, Retail Sales
