Retail In Focus Today
It is all about the retail sales today.
Consensus estimates are around 1.0% and 0.3% ex-autos.
This report needs to coincide with the Fed’s reading that June and July
are merely soft spots. If retail
disappoints, the dollar will suffer, as will Fed credibility.
If the report is within consensus estimates expect trading ranges to
remain intact and the sidelines as the best vantage point.
The last two weeks of August are typically quiet as traders squeeze in
vacations, however, with so many variable on the horizon, we cannot discount
continued trading ranges.
Overnight saw Australia post job growth, the first in
three months, which put a slight bid in the AUD/USD.
News that Saudi Arabia is willing to increase production sent oil prices
lower, and firmed up the Yen. By
day’s end however, oil was trading back up towards $45/bbl.
font-family:Arial”>
12.0pt;font-family:Arial”> 1.2257,
1.2284, 1.2241
12.0pt;font-family:Arial”> 1.8291,
1.8340
12.0pt;font-family:Arial”> .6600,
.6631
12.0pt;font-family:Arial”> 110.80,
111.20, 110.35
As
always, feel free to send me your comments and questions.