4:07 PM
The euro got another chance
Forex Trading |News Daily Update |FXTM Online Analysis Department.
Yesterday the main currency pair had a productive day, and adjusted for the statistics.
For the dollar yesterday was a difficult day. It seemed to be assumed that the statistics will not be very impressive, but no: the euro needed an excuse to interrupt the flow of the six-day sales. And investors have taken advantage of this opportunity.
On Tuesday, a report on US retail sales for March was released. The indicator moderately increased, adding 0.9% m/m (1.3% y/y). Retail sales amounted to $ 441.4 billion. This is the first fact of growth over the past four months. In general, traders should have used this data on the increase, but the market was waiting for retail sales growth of 1.1% (as if such a sharp rise was possible).
Interestingly, the main contribution to the index of retail sales for March was made by car buyers. This sub-index gained 2.7%. More of the positivity came from the sales of fuel - gasoline and diesel. Excluding these groups, retail sales would have only added half a percent.
Another informative release showed that producer prices rose in March by 0.2% m/m in view of the seasonality factor. Y/Y the index fell by 0.8%. The March report is the first since October 2014, where at least small glimpses of stabilizing the situation are visible.
Frankly, the observation that the producer price index rose slightly may indicate stabilization in the consumer price index. The question with inflation is now making the Fed noticeably nervous.
For the dollar yesterday was a difficult day. It seemed to be assumed that the statistics will not be very impressive, but no: the euro needed an excuse to interrupt the flow of the six-day sales. And investors have taken advantage of this opportunity.
On Tuesday, a report on US retail sales for March was released. The indicator moderately increased, adding 0.9% m/m (1.3% y/y). Retail sales amounted to $ 441.4 billion. This is the first fact of growth over the past four months. In general, traders should have used this data on the increase, but the market was waiting for retail sales growth of 1.1% (as if such a sharp rise was possible).
Interestingly, the main contribution to the index of retail sales for March was made by car buyers. This sub-index gained 2.7%. More of the positivity came from the sales of fuel - gasoline and diesel. Excluding these groups, retail sales would have only added half a percent.
Another informative release showed that producer prices rose in March by 0.2% m/m in view of the seasonality factor. Y/Y the index fell by 0.8%. The March report is the first since October 2014, where at least small glimpses of stabilizing the situation are visible.
Frankly, the observation that the producer price index rose slightly may indicate stabilization in the consumer price index. The question with inflation is now making the Fed noticeably nervous.
Forex Trading |News Daily Update |FXTM Online Analysis Department.
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