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.
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Last week: US equities were rocked by the high US CPI print, the most significant increase in 30 years, such that all four of the US stock index majors, the S&P500, DJIA, NASDAQ and Russell-2000, closed with bearish weekly candles. This bearish week has to be viewed in the context of a stock rally that […]