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Retail Sales - Macro Data / Inflation Adjusted The Commerce Department provided Data up 1.7 percent from September and 21 percent above pre-pandemic levels. Sales at Gasoline Stations rose nearly 47 percent in October from a year earlier. "Overall, sales are rising faster than prices" - according to the Commerce Department. ______________________________________________________________________________________________________ Complete and Total garbage. Gasoline is up 648% for RBOB futures from March of 2020. Retail @ the pump Prices... Up from $1.932 Nationwide to $3.384 GAS @ the Pump +75.3% Sales DOWN / Prices UP ______________________________________________________________________________________________________ Retail Sales - another Fraud by the numbers. Retail Sales Revenues Inflation Adjusted - DOWN 69.5% in 6 Months. ______________________________________________________________________________________________________ Headline Idiocy abounds.
FRED:RETAILSMSA
by HK_L61
1
Pound lower, retail sales reboundThe British pound is in negative territory in the Friday session. GBP/USD is currently trading at 1.3450, down 0.35% on the day. UK retail sales for October surprised the markets, as the gain of 0.8% m/m was the first gain in five months. Clearly good news, but the improvement could well be due to early Christmas shopping rather than a change in the mindset of consumers, who have been slow to spend since the end of the lockdown in the summer. Consumer confidence has been weak as caution is the mantra in what has been a difficult year. On an annual basis, retail sales fell by -1.6%, which follows a read of -1.1% in September. Inflation continues to accelerate as the "transient" narrative seems out of sync with what is happening on the ground. The UK consumer price index hit 4.2% y/y in October, above the consensus of 3.9%. The data will add to the pressure on the BoE to raise interest rates at the December policy meeting. The bank held rates at the November meeting, which shocked the markets, as Governor Andrew Bailey had sent strong hints that the bank would raise rates in order to contain inflation. The BoE is projecting inflation to go as high as 5% in early 2022 before falling lower in 2023. After being burned by the BoE, investors will be mindful about projecting a December rate hike, but it's clear to everyone that the bank will need to raise rates shortly - if not in December, then early in the New Year. With no tier-1 events out of the US today, the markets are focusing on President Biden's choice for Chair of the Federal Reserve, which should be announced on the weekend. Jerome Powell was considered a strong favourite until recently, but Fed member Laura Brainard could be a surprise choice. Brainard is considered more dovish than Powell and would be expected to raise rates more slowly. If Brainard wins, we could see an immediate reaction from the markets and the US dollar could lose ground. GBP/USD has support at 1.3310. Below, there is support at 1.3206 There is resistance at 1.3562 and 1.3710
by OANDA
Pound yawns after mixed UK dataThe British pound continues to have an uneventful week and the lack of activity has continued in the Friday session. GBP/USD has been trading close to the 1.38 level for most of the week and is currently at 1.3804, up 0.09% on the day. UK Retail Sales declined by 0.2% in September. This is a cause for concern, given that retail sales have now declined for three straight months, pointing to ongoing weakness in consumer spending. Retail sales remain subdued despite the relaxation of Covid restrictions in July, which has not resulted in consumers increasing their spending. On a positive note, retail sales remain above the pre-pandemic levels (February 2020). There was better news from the September PMIs. Both the manufacturing and services PMIs accelerated and beat expectations, with readings of 57.7 and 58.0, respectively. This points to strong expansion in both sectors. The markets have priced in a November rate hike, likely by 15 basis points. Although this would be a relatively small increase, it would mark the first rate hike by a major central bank since the Covid pandemic began. BoE Governor Andrew Bailey is poised to raise rates in order to curb inflation, which is running above 3%, well above the bank's target of 2%. A majority of MPC members are expected to follow suit, but a vocal minority of members are warning that the move is unwarranted and could dampen the recovery and hurt growth and jobs. On Thursday the US posted strong employment, manufacturing and housing numbers, which gave the US dollar a much-needed boost. The dollar index continues to trade in a range between 93.50 and 94.00 and is at 93.67 in Europe. A drop below 93.50 could see the index fall to the 0.93 line. On the technical chart, the upside shows a triple top at 1.3830. A close above this line would leave the pair room to climb until resistance at the round number of 1.3900. There are support levels at 1.368 and 1.3492
by OANDA
1
GOLD with a breakout! Next target 1748!We can say a lot about GOLD and its current moves, but we have actually said it all before in our daily analysis: 7th of September: 16th of September: and all of the other ones as well. Now we're just waiting for price to reach our first target. In the next hour we will see the Retail sales numbers and that will just bring more volatility to the market. In our analysis tomorrow we will share with you the next support levels!
FX_IDC:XAUUSDShort
by ForexTrendline
27
Aussie punches past 74, NFP loomsThe Australian dollar rally has continued on Friday, as the currency is higher for a fourth straight day. Currently, AUD/USD is trading at 0.7430, up 0.43% on the day. The US dollar continues to falter, and the Aussie has taken full advantage. AUD/USD has gained 1.66% this week, after sharp gains of 2.42% a week earlier. Investors have given the Australian dollar a thumbs-up and soft Australian data on Friday hasn't put a dent in the currency's upward movement. Australia Retail Sales faltered badly in July, with a reading of -2.7%.  The economy has been hit by the double blow of soft domestic activity and weak global demand, and there are concerns that the economy could slip into a recession. This could depend on how quickly Australia is able to contain the current wave of Covid, which has led to extensive lockdowns. Although the Covid numbers have been relatively low, the government has not hesitated to impose lockdowns, as most of the population has not been fully vaccinated. It has been a rough week for the US dollar and the currency markets appear ready for a further dollar sell-off today. However, such a move is contingent on a soft reading from today's nonfarm payrolls report. The consensus is around 750 thousand new jobs, and if the release is higher than expected, we could see a short squeeze on the US dollar. If the reading surprises to the downside, it could be a rough day for the greenback. The upcoming NFP is critical as the Fed could decide on the timing of a taper based on the reading. The Fed has tied a taper to stronger employment data, and a better-than-expected read could renew speculation about an imminent taper. Conversely, a weak NFP reading will likely delay Fed plans to taper There are resistance lines at 0.7455 and 0.7572. 0.7377 has switched to a support role as the AUD rally continues. Below, there is support at 0.7250
by OANDA
Strong markets in Europe maintain risk-on sentimentMarkets in Asia and especially in Europe started September strongly after higher-than-expected inflation in the eurozone and very optimistic comments from ECB Vice President Luis de Guindos, who said that the eurozone economy is growing faster than the ECB expected, hinting at an upward revision of the central bank's growth forecast. On the downside, German retail sales disappointed in July, falling 5.1% month-on-month. Eurozone manufacturing PMI was lower than expected, but remained near record levels. August, normally a complicated month for the stock market, saw several record closes for the S&P 500 and Nasdaq 100, with US equities pointing to a positive performance on the first day of the new month. The important 10-year US Treasury yield rose well above 1.3% again (currently at 1.32%). The USD remains weak ahead of the US jobs report in focus on Friday. Oil prices remained in a sideways range ahead of today's OPEC+ meeting. Ethereum broke through $3,500, the highest level since May 18. Bitcoin continues to trade in the $47K - $48K range. Despite rising expectations that central banks will gradually move away from pandemic-era stimulus programs, markets continue to rise, showing that investment banks remain confident that the sustained rise in the stock market will continue. Statements from ECB officials showed that the ECB is optimistic about economic developments in the eurozone, but also that the conditions for a gradual withdrawal of stimulus measures are almost met. Higher 10-year US Treasury yields can be seen as an indicator that US investors also believe that economic growth will continue for longer. September was the worst month for equities in the last two decades, and we also see hedge funds preparing for a reversal. For now, markets remain optimistic, waiting for more clues on the Fed's plans for the coming months. The ECB's optimistic comments have eased growth concerns for now. Risk sentiment remains positive, supporting risk-sensitive currencies such as the AUD, NZD and emerging market currencies. The rise in the EUR is likely to continue as expectations rise that the ECB has started internal talks on scaling back stimulus measures, which the ECB will then report on in detail at the upcoming ECB meeting (on Sep 9).
E
by MarMat1500
Retail vs Smart Money ExamplesIn this example, we will look into the parallel channel formed on AUDUSD. How Retail View the Breakout: Price broke and re-tested the breakout trendline Price should now continue bearish after showing signs of rejection How Smart Money View the Breakout: Price broke out of the retail trendline, liquidity has now been formed in their stop loss region Once this area is wiped, we could consider sells from the order block that created it.
Education
by AlkalineFX
CAD falls despite solid retail salesThe Canadian dollar is in negative territory for a fifth straight day. Currently, USD/CAD is trading at 1.2902, up 0.57% on the day. June Retail Sales rebounded nicely, with gains of 4.2% for Headline Retail Sales (4.4% exp.) and 4.7% for Core Retail Sales (4.6% exp.). In May, the headline read was -2.1% and core retail sales at -2.0%. The strong gains are attributable to the easing of Covid restrictions. The US dollar has been on a tear this week, and the Canadian dollar has been in freefall. USD/CAD has jumped 3.1%, its best weekly performance since March. The Canadian dollar has been pummelled by a double whammy of weaker risk appetite and the hawkish FOMC minutes. Investors have been snapping up the safe-haven US dollar, as risk appetite has eroded due to surging infections rates of the delta variant of Covid. This has led to renewed lockdowns and these measures will crimp economic growth and hamper the global recovery. This has led to investors snapping up the safe-haven US dollar, which has enjoyed broad gains this week. The US dollar has done particularly well against minor currencies such as the Canadian, Australian and New Zealand dollars, gaining more than 3% against each one this week. The dollar breezed past the FOMC minutes, as the markets judged the Fed minutes to be hawkish, despite the lack of a timeframe for a tapering. With most members on board for a taper on either side of December, it's clear that a taper is now a question of timing. The minutes stressed that there was no mechanical link between tapering and rate hikes. This message did not faze the markets, as the Fed has said in the past that it does not plan to raise rates before tapering is completed. Despite the Fed's stance, a taper is likely to fuel speculation about a rate hike, so the outlook for the US dollar remains bright. USD/CAD continues to rise and break above resistance lines. The pair faces resistance at 1.3030, followed by 1.3252. Both are monthly resistance levels The next support levels are at 1.2747 and 1.2630
by OANDA
Euro at 1.20, Eurozone Retail Sales eyedThe euro is showing little movement on Wednesday. In the North American session, EUR/USD is trading at 1.2005, down 0.06% on the day. Business activity across the eurozone remains weak, as reflected by eurozone Services PMIs for April, which were released earlier on Wednesday. The German, eurozone and French releases were all close to the 50.0 level, which separates contraction from expansion. This means that the services sectors in the eurozone are not showing growth, as the Covid-19 lockdowns and a sluggish vaccine rollout have taken a heavy toll on the services industry. At the same time, there are some bright spots to report. Manufacturing continues to show significant expansion, and German Retail Sales sparkled in March, with a gain of 7.7%, which crushed the consensus of 2.9%. On Thursday, the eurozone releases Retail Sales for March (9:00 GMT). The forecast stands at 1.5%. Will the indicator follow German retail sales and outperform? Investors will also be keeping a close eye on German Factory Orders for March, which will be released on Thursday (6:oo GMT). German manufacturing has shown prolonged expansion, and Factory Orders has registered only one decline in the past 10 months. The forecast for March stands at 1.5%. In the US, comments by Treasury Secretary Janet Yellen about interest rates caught the attention of investors and sent US equity markets sharply lower on Tuesday. Yellen stated that interest rates may have to rise to prevent the economy from overheating, sending the dollar higher and equities lower. Yellen tried to backtrack on her remarks, saying that she was not predicting a hike in rates. Still, this episode highlights that with the US economy reeling off strong numbers, the Fed may have to revisit its stance that it is premature to even talk about a taper. EUR/USD faces resistance at 1.2108 and 1.2196. On the downside, 1.1975 is an immediate support level. Below, there is support at 1.1930.
by OANDA
BoJ meeting in focus as yen driftsThe Japanese yen continues to drift. Currently, USD/JPY is trading at 107.20, down 0.13% on the day. It was a quiet week for the yen, which recorded small losses after three weekly gains. The yen has enjoyed an excellent month of April, rising 2.6% against a struggling US dollar. Last week, the yen touched a low of 107.47, its lowest level since March 4th. The Bank of Japan holds its monthly policy meeting on Tuesday (3:00 GMT). The BoJ is unlikely to make any changes to current policy. At the last meeting, the BoJ clarified that its yield curve control allows for 10-year government bonds to trade at 25 basis points on either side of zero. The bank also reduced the frequency of its bond purchases, but that is a recalibration rather than a taper of its QE programme. Perhaps more important for the market is the fact that the central bank appears more optimistic about Japan's economic conditions. In January, the BoJ revised upwards its growth forecast, from 3.6% to 3.9% for the fiscal year 2021. The bank will publish its quarterly Outlook Report together with the rate statement, which should provide insights as to the bank's view of Japan's economy. Japan's Retail Sales for March (YoY) could point to renewed economic growth. The consensus for the consumer spending indicator is a strong gain of 4.6%. Retail Sales have declined in the previous three readings, as Covid infection rates remain high and the vaccine rollout has been extremely slow. A strong gain in retail sales would point to a resurgence in consumer spending and would be bullish for the Japanese yen. USD/JPY has support at 107.29 and 106.71. The pair faces resistance at 108.65 and 109.43
by yesfish
Pound rebounds as retail sales sparklesThe British pound has reversed directions on Friday and posted gains. In the European session, GDP/USD is trading at 1.3881, up 0.32% on the day. The pound has shown considerable movement this week. The currency started the week in fine fashion, climbing 1.11%. This marked its best one-day performance since January. After pushing above the symbolic 1.40 line, the pound proceeded to retreat and fell back into 1.38 territory. On Friday, GBP/USD has gained ground, buoyed by strong economic data out of the UK. Retail sales were outstanding in March, with a gain of 5.4% (MoM). This reflects the easing of Covid-19 restrictions on consumer spending. At the same time, retail sales for the first quarter of the year were down by 5.8% compared to Q4 of 2020 - again, this is reflective of the lockdown that was in place for much of Q1, which curbed consumer spending. As the government continues to reopen the economy, with another easing phase scheduled for mid-May, we can expect pent-up demand to translate into robust consumer spending in the coming months. Aside from Retail Sales, there was also positive news from the manufacturing and services sectors, which showed strong growth in March. Manufacturing PMI for March improved to 60.7, up from 58.9. It was a similar story for services, as the PMI rose from 56.3 to 60.1. Both PMIs beat the forecast of 59.0 points. These releases show significant growth across the UK economy, but the British consumer remains quite pessimistic about economic conditions. GfK Consumer Confidence came in at -15 in April, almost unchanged from the previous reading of -15. Taking the "glass half-full" approach, this reading was the strongest since the Covid-19 pandemic began, as the index has been moving higher as the government reopens the economy. GBP/USD is putting strong pressure on resistance at 1.3898, followed by resistance at 1.3956. There is support at 1.3726, followed by a support level at 1.3612
by OANDA
CAD edges higher, US confidence data nextThe Canadian dollar is slightly higher on Friday. Currently, USD/CAD is trading at 1.2513, down 0.25% on the day. On the fundamental front, Canada will release tier-2 data, including Housing Starts. In the US, today's highlight is UoM Consumer Sentiment, which is expected to accelerate to 88.9 points. Canada's ADP job report has been bleak in recent months, with triple-digit declines in the past two months. However, the indicator roared back in March, with an impressive gain of 634.8 thousand new jobs. ADP attributed the strong rebound in the labour market, which was based in all sectors, to relaxed health restrictions in some provinces. However, the picture could be significantly worse in the April data, as Ontario, the most populous province, imposed a 4-week lockdown at the end of March. Canada's Covid rate per capita is now outpacing the US, and this is likely to take a toll on the economy. The news was far less positive in the manufacturing sector. Manufacturing Sales suffered a decline of 1.6%, worse than the forecast of -1.1%, and its weakest showing in six months. In the US, retail sales surged in March, as consumers loosened their purse strings. Headline retail sales sparkled at 9.8%, while Core Retail Sales rose 8.4%. Both releases easily beat their estimates of 5.8% and 5.1%, respectively. The catalyst for the surge in consumer spending was the latest batch of government stimulus, with US households receiving stimulus cheques of 1400 dollars, as well as many states relaxing health restrictions. US consumers were only too happy to hit the stores and purchase big-ticket items, including cars, electronics and furniture. Somewhat surprisingly, the explosive retail sales release failed to push the US dollar higher, as the currency markets appeared more focused on other matters, such as the vaccine rollout in Germany and France. There is weak support at 1.2478. Below, there is support at 1.2423. Below, there is a pivot point at 1.2556. On the upside, we have resistance at 1.2611 and 1.2689
by OANDA
1
Death Cross Chart Pattern - GoldA death cross occurs when the 50-day moving average crosses below the 200-day moving average. In addition we can observe the weekly EMA ribbon directly on support: Occasionally this is a setup, but if price falls below the ema ribbon that is considered very bearish - particularly on a weekly time frame. Additional Clarity offered on the death cross here: This death cross indicates, according to technical analysis, that the short term trend (50day) has fallen under the long term trend (200day). Treasury Yields are indicating the dollar may rise higher, and as those of us who have been observing the increase in the US Dollar see - a bullish DXY is a bearish signal typically for gold. The 10Y hit its highest level today since Feb of 2020 (which was pre-covid mania) This is because owning bonds offering a yield is preferable vs a commodity that does not offer yield. The Yield in Treasuries is direct competition with gold - along now with the new powerhouse on the block Bitcoin. Keep in mind as well that an ounce of gold now costs .03~ bitcoin! Chart will be provided below. It is also worth stating that Bitcoins market cap is now $975.2B. If we exceed $1.5T Bitcoins market cap will have surpassed silver which one could then assume the next runup will be targeting superseding Golds dominance. The other issue gold has to contend with is optimism from the broader market that as the nation opens back up, and consumers flush with cash we may see, and hopefully so, a broad economic recovery. The irony, and a strength for gold though is that the formula for inflation is M2*V=inflation. We all know that M2 has gone significantly higher, unprecedently higher. Velocity has been more than muted, it has been crushed. I would argue (and may get some counterpoints shooting me down, and I welcome the debate) that as the nation opens back up, we will see an increase in spending and activity and dare I say traveling and vacationing, home improvements, acquisitions of new homes to take advantage of low rates - which will heat up the economy & increase velocity. If velocity increases enough we could see a nice pop in inflation - not calling for hyper inflation, but even a conservative pop could work wonders for gold. Keep in mind that retail sales increased 5.3% in January which is indicative that those stimulus checks are indeed being put to work. www.marketwatch.com Pivot Points for Gold Targets: There is a lot to weigh out when one considers longing gold, but for now gold appears to be in a position where the gold bears have taken over, and the gold bugs are fighting for support. If you enjoy this chart please be sure to like it! If you see things differently I respect your opinion and would love to learn from it! Please be sure to comment and tell me why I may be wrong. And as always friends I wish you nothing but good fortunes and great success!
Editors' picks
OANDA:XAUUSD
by ZenMode
89
EURUSD - Short - Post Inflation Data ReleaseWe see still EURUSD moving lower as the currency pair continues it's upward momentum despite higher than expected inflation data with core inflation rate YoY coming in at 1.6% vs 1.5% forecast. The EUR has been boosted by greater optimism surrounding the vaccine rollout in the EU as we await key economic data releases including German inflation and US retail sales on Thursday for any significant price action. Therefore we believe there could be some volatility later during the week but we expect prices to resume their medium term downtrend below resistance at 1.214.
Short
by KQMarkets
Australian retail sales in focusThe Australian dollar continues to have a relatively quiet week. Currently, the pair is trading at 0.7609, up 0.18% on the day. Australia's retail sales were a major disappointment in February, as the interim report came in at -1.1%, much worse than the street consensus of +0.6%. The final February release (Thursday 12:30 GMT) is projected to show an identical reading, which would indicate a slump in consumer spending, a key driver of the economy. Earlier on Wednesday, Building Approvals, which tends to show sharp swings, shot up by 21.6% in February, rebounding from a reading of -19.6% a month earlier. This was the strongest one-month gain since 2012. Just five weeks ago, the Australian dollar was looking down from the heights of the 80-level. However, it has been all US dollar since then, as the Aussie strains to stay above the 76 level. The greenback has shown significant strength in recent weeks, thanks to rising US Treasury yields. On Tuesday, the 10-year yield rose to 1.77%, marking a 14-month high.  With the US economy gathering steam, conditions appear right for further gains by the US dollar. The Biden stimulus package of 1.9 trillion dollars is expected to improve economic conditions, and an aggressive vaccine rollout should bring down Covid-19 numbers in the coming weeks and months. The dollar could make further gains before the day is out, with President Biden revealing some details of the 3-4 trillion infrastructure package at a speech in Pittsburgh and the ADP Employment report projecting a stellar gain of 552 thousand (12:15 GMT). AUD/USD faces resistance at 0.7744. Above, there is resistance at 0.7848. On the downside, 0.7560 is providing support. This line could face pressure if the AUD downturn continues. It is followed by support at 0.7460. The US dollar index rose 0.38% to 93.30 overnight, and is at 93.23 today in Europe. The index is now well clear of its 200-day moving average (DMA) at 92.50, with the technical picture suggesting further gains to 94.30 ahead.
by OANDA
Aussie slips as retail sales slideThe Australian dollar is in negative territory for a second straight day. Currently, the pair is trading at 0.7727, down 0.43% on the day. Australia's retail sales started off 2o21 on a decidedly sour note, as the January report came in at -1.1%, much worse than the street consensus of +0.6%. The decline is attributable to Covid restrictions, which had a negative impact on consumer spending. The Aussie is also feeling pressure from the geopolitical front, as a tense meeting in Alaska between senior US and Chinese officials is weighing on investors' risk appetite. Add to this mix higher US Treasury yields, and it's no surprise that the Australian dollar is headed for a disappointing end to the trading week. The Federal Reserve sent the markets a dovish message at its policy meeting on Wednesday, reiterating that it had no plans to raise interest rates before 2023. The US dollar dipped after the Fed meeting, but had little trouble erasing these losses. AUD/USD has posted considerable losses since Thursday's Fed meeting. The catalyst for the recent US dollar strength has been rising US yields, and investors were treated to another rise in yields on Thursday. The bond market has been edgy all week, and an outstanding manufacturing reading was enough to cause a strong selloff in US bonds. The Philadelphia Fed Manufacturing Index soared to 51.8 in February, up from 23.1 and its highest level in some 48 years. This signals higher input costs, and US yields took off in response. The US 10-year rose to 1.72%, while the 30-year rose to 2.47%, boosting the US currency.
by OANDA
CDN slips on Fed, Canadian Retail Sales data aheadThe Canadian dollar is considerably lower in the Thursday session. Currently, USD/CAD is trading at 1.2474, up 0.56% on the day. Canada releases Retail Sales for January on Friday (12:30 GMT), with the street consensus pointing to declines. Headline retail sales is expected at -3.0%, while Core Retail Sales is projected at -2.8%. Both indicators registered declines in December, so a repeat would indicate a slump in consumer spending. That could sour investors on the Canadian dollar, which has sparkled in March, with gains of 2.1 per cent. The US dollar has made gains on Thursday, courtesy of a rise in US 10-year Treasury bonds. The Federal Reserve meeting on Wednesday did not contain any surprises, as policymakers left monetary policy unchanged and reaffirmed its accommodative monetary policy. The Fed's dot plot was more dovish than expected, with most FOMC members not anticipating a rate hike prior to 2024. At the same time, the Fed's economic outlooks were upbeat, with the growth forecast upwardly revised to 6.5% this year, compared to 4.3% beforehand. Inflation is expected to rise to 2.4% in 2021, but Fed Chair Powell noted that he expected this rise to be a temporary spike that would not affect the Fed's commitment to maintain interest rates at ultra-low levels. The US dollar has not had much trouble weathering the FOMC meeting, despite Powell's pledge to stick with a very dovish monetary policy. On Thursday, the greenback is in positive territory against its major rivals, with higher 10-year Treasury yields providing a boost to the currency.
by OANDA
Euro dips to 4-week low, German Retail Sales slideThe euro is showing limited movement in the European session. Currently, EUR/USD is trading at 1.2035, down 0.10% on the day. The euro hasn't managed a winning day since Thursday, and the pair is perilously close to the 1.20 line, which is a psychologically important level. Germany is the eurozone's largest economy and has traditionally been the economic powerhouse of the bloc. With the eurozone still grappling with the devastating effect of the Covid pandemic, Germany is again being counted on to lift the eurozone to recovery. However, Germany's economy is also showing signs of fatigue. German GDP for Q4 of 2020 showed negligible growth, although the gain of 0.3% managed to beat the street estimate of 0.1%. On Tuesday, German Retail Sales for January came in at -4.5%, after a disastrous -9.6% reading in December. This caught the markets by surprise, as the street consensus stood at +0.2%. The sharp drop in consumer spending can be attributed to the partial Covid-19 lockdown which started back in December. One bright spot in the German and eurozone economies has been the manufacturing sector. In February, German Manufacturing PMI came in at 60.7 and the eurozone read at 57.9, both of which were revised slightly upwards. These figures are well into expansionary territory, and the German release marked a 3-year high. In contrast to the rosy manufacturing numbers, the services industry has lagged behind and remains in contraction mode due to the lockdowns which have curtailed many services. Germany's Services PMI is projected to come in at 45.9, well below the neutral 50-level. EUR/USD faces resistance at 1.2091. Above, there is resistance at 1.2190. On the downside, the pair is putting strong pressure on the 100-day moving average (MA), which is situated at 1.2019. A close below this line would be a technical bearish signal for the pair. The pair is potentially targeting support at 1.1945, which could potentially extend to the round number of 1.1800.
by OANDA
Loonie hovers around 1.2650 awaiting Canadian retail sales...Also firmer vs the Buck, as the , Loonie hovers around 1.2650 awaiting Canadian retail sales and Pound probes barrier defences at 1.4000 following significant beats in UK PMIs, including services that were so ravaged by the return to lockdown last time. On that note, ONS retail sales data was extremely weak in contrast to public finances, but neither impacted that much. Overall USD/CAD has been on the back burner this week due to it being stuck within the monthly wick range. We are pressuring downside so its now up to DXY where this pair is next headed.
by FTUKcom
5