We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.33% 🇪🇺EUR: -0.22% 🇬🇧GBP: -0.26% 🇳🇿NZD: -0.29% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/TJLRwMkful
  • Heads Up:🇸🇪 Monetary Policy Meeting Minutes due at 07:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-10
  • RT @DanielGMoss: $USDCAD remains confined by channel resistance although strengthening RSI suggests a breakout may be on the cards. $CADJP…
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/xknMZhmJ5C
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.64% France 40: -0.83% US 500: -0.90% FTSE 100: -0.91% Wall Street: -1.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xgu0QJ9H7c
  • 🇫🇷 Industrial Production MoM (MAY) Actual: 19.6 Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • Heads Up:🇫🇷 Industrial Production MoM (MAY) due at 06:45 GMT (15min) Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/jbUscJ9E0u
  • USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Jun 26, 2020 when USD/CAD traded near 1.37. A contrarian view of crowd sentiment points to USD/CAD strength. https://www.dailyfx.com/sentiment https://t.co/SJ4cDT3iIe
  • Learn about the ASEAN-China relationship and how to trade ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit using the Core-Perimeter model. Get your market update from @ZabelinDimitri and @ddubrovskyFX : https://t.co/rNJkPpVCdk https://t.co/6qJKFUBFRm
USD Backs Away from Edge after Surprsingly Strong Retail Sales

USD Backs Away from Edge after Surprsingly Strong Retail Sales

2014-12-11 14:00:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- US Advance Retail Sales beat expectations handily – both current and prior beat.

- Core consumption figure beats too, with positive revisions to priors.

- EURUSD retreats to $1.2424 after report.

November US Advance Retail Sales beat the Bloomberg News consesus forecast handily, helping buffer the US Dollar from deteriorating technical conditions. The headline reading of +0.7% cruised by expecations of +0.4%, with the prior reading revised higher as well. With US labor market growth accelerating, signs that consumption is increasing – the largest component of GDP, accounting for nearly 70% of the headline figure – only bolster the US Dollar’s fundamental stand headed into 2015.

Secondary labor market data this morning was solid as well. US Initial Jobless Claims edged lower by -3K to 294K, holding below the four-week average of 299.3K. In recent months, sub-300K claims have correlated with NFP readings above +200K; if consumption trends remain elevated, another strong month of payroll gains may be ahead for December.

Here’s a summary of the data this morning that contributed to US Dollar price action:

- USD Advance Retail Sales (NOV): +0.7% versus +0.4% exp, from +0.5% (revised higher from +0.3%) (m/m).

- USD Retail Sales Ex Auto (NOV): +0.5% versus +0.1% exp, from +0.4% (revised higher from 0.3%) (m/m).

- USD Retail Sales Ex Auto and Gas (NOV): +0.6% versus +0.5% exp, from +0.7% (revised higher from +0.6%) (m/m).

- USD Retail Sales Control Group (NOV): +0.6% versus +0.5% estimated, from +0.5% (m/m).

- USD Initial Jobless Claims (DEC 6): 294K versus 297K expected unch.

- USD Continuing Claims (NOV 29): 2514K versus 2344K expected, from 2372K (revised higher from 2362K).

See the DailyFX economic calendar for Thursday, December 11, 2014.

EURUSD 1-minute Chart: December 11, 2014 Intraday

USD Backs Away from Edge after Surprsingly Strong Retail Sales

EURUSD fell to a low of $1.2413 on the back of the improved US consumption data before finding support.The key level to watch in EURUSD the next few days is $1.2455, which produced resistance after the ECB meeting on Thursday and the US NFP report on Friday. At the time this report was written, EURUSD was last quoted at $1.2424.

Read more: Wedges in EUR/USD, USD/CHF Highlight Potential for USD Top

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.