Last week: Better that expected US Retail Sales data and earnings from some big USA retailers provided a positive back drop for stocks to start the week but Friday’s announcements of a new lock-down in Austria and new restrictions in Germany, in the face of rising Covid cases, rocked those stocks sensitive to the reopening […]
The US$ remains in focus as it holds above a recently broken resistance zone. Traders will need to monitor the 95 level to see if this key level evolves from Resistance into Support as this will have implications for commodities and many Forex pairs.
The EUR/USD is trying to hold on at 1.13 support as the US$ closed lower for the day. The softer US$ helped to lift Gold and the Cable but the AUD/USD is a bit weaker and the Kiwi is holding steady. US stocks closed a bit lower as market participants continue to digest inflation implications.
The US$ has lifted higher on the back of better than expected US Retail Sales data and strong retail earnings from Walmart and Home Depot. This has put pressure on the EUR/USD with the key 1.13 level looming.
The US$ has edged higher to start the week but stocks are little changed ahead of a week of US retail earnings and today’s US$ Retail Sales data. There is also a meeting between President Biden and President Xi Jinping worth monitoring for any potential impact on market sentiment.