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US Dollar Awaits US Retail Sales and FOMC Minutes

US Dollar Awaits US Retail Sales and FOMC Minutes

Justin McQueen, Strategist

US Dollar Analysis and News

  • US Retail Sales and FOMC Minutes Unlikely to Move the Needle for the USD
  • USD Finding Support on Dips
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US Retail Sales and FOMC Minutes Unlikely to Move the Needle for the USD

Another subdued session for major risk assets with the Summer lull is well underway. That said, upcoming US retail sales will garner market attention as well as the latest FOMC meeting minutes. But first, US retail sales growth has been softer throughout the year with increases reflecting price rises. As such, while the headline rate is roughly expected to flatline, this will unlikely be a major mover for the USD. The main focus in the near term will be on next week’s Jackson Hole Symposium.

As such, the upside is likely to persist for the US Dollar, particularly against the Euro and GBP. Today’s UK CPI rising to double digits provided yet another reminder that higher than expected inflation prints do not necessarily mean that the Pound. This is due to the fact that money markets have near fully priced in a 50bps and it is very unlikely that the BoE will go bigger than 50bps, the trend remains lower in Cable with rallies to be faded.

Source: DailyFX

US Dollar Chart: USD Finding Support on Dips

Source: Refinitiv'

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

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