US Dollar May Find a Lifeline in Upbeat Economic Data
- Bare European calendar puts US data roundup in focus
- US Dollar may rise as Fed rate hike speculation returns
- Sentiment trends sink Yen, boost Kiwi Dollar overnight
A next-to-empty European economic calendar puts the spotlight on US news-flow into the end of the trading week. Retail sales, consumer confidence and wholesale inflation figures are on tap, with improvements expected all around.
Recent US data outcomes have increasingly outperformed relative to economists’ forecasts. More of the same this time around may help revive Fed rate hike speculation and offer a lifeline to the battered US Dollar after a week of “Trump trade” unwinding, echoing last week’s eleventh-hour salve from wage growth figures.
The Yen faced broad-based selling pressure as Japan’s Nikkei 225 stock index advanced, undermining support for the standby anti-risk currency. The New Zealand Dollar outperformed. Risk appetite trends seemed to be at work here as well, with the Kiwi rising alongside the S&P/NZX 50 shares benchmark.
Are retail traders buying or selling the US Dollar, and what does it mean for the trend? Find out here!
** All times listed in GMT. See the full DailyFX economic calendar here.
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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