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Retail Sales Lag, USDJPY Back In Play
Welcome to Friday’s trade! It’s been a sluggish open on Wall Street, largely due to this morning’s Retail Sales report. Stocks and commodities are largely flat, with the USD Index (DXY) holding slightly beneath 100.000. “Rotation” is the early market read with no eye-popping trends on the board.
US Retail Sales for July are today’s headliner. It wasn’t a good set of numbers. Retail Sales came in at -0.6% for the month, with Core Retail Sales also slumping by -0.3%. These figures were worse than expected and suggest that consumption is beginning to reflect lagging consumer sentiment.
Over the past few weeks, a brutal July NFP number coupled with an improved July CPI have apparently taken September’s Fed rate hike off the table. The result has been a relatively stable Greenback and bullish stocks. It’ll be interesting to see how the USDJPY digests the news in the coming weeks. Here’s a resistance level worth watching for the dollar-yen:
Daily 62% Fibonacci Retracement, 160.61
Check out our Key Levels for more information on this Trade Idea.
We’re back live today on the Switch Markets YouTube channel at 1:00 PM EST. We’ll have the latest on the Iran War, US economics, Fed policy, and more. See you there!
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