EUR/USD: Eyes On US Retail Sales Data
San Francisco Fed President John Williams said the Federal Reserve should raise interest rates further this year, reflecting improved labor market conditions and the likelihood that inflation is heading higher. Williams is not a voter this year on the Fed's policy-setting panel, but his comments are closely watched because his views are seen as reflecting those of Fed Chair Janet Yellen, who was his boss when she ran the San Francisco Fed before she moved to Washington in 2010.
The EUR/USD did not react to Williams comments and held steady today. The EUR/USD is still above 14-day exponential moving average (1.1120), which suggests that near-term outlook is slightly bullish. We are looking to buy the EUR/USD near this support area.
Friday's big set-piece is US retail sales data, expected to show a 0.4% monthly increase in July. Recent credit card use data had been poor, suggesting the risks might be to the downside, which would be negative for the USD.
GrowthAces.com - Daily Forex Signals
San Francisco Fed President John Williams said the Federal Reserve should raise interest rates further this year, reflecting improved labor market conditions and the likelihood that inflation is heading higher. Williams is not a voter this year on the Fed's policy-setting panel, but his comments are closely watched because his views are seen as reflecting those of Fed Chair Janet Yellen, who was his boss when she ran the San Francisco Fed before she moved to Washington in 2010.
The EUR/USD did not react to Williams comments and held steady today. The EUR/USD is still above 14-day exponential moving average (1.1120), which suggests that near-term outlook is slightly bullish. We are looking to buy the EUR/USD near this support area.
Friday's big set-piece is US retail sales data, expected to show a 0.4% monthly increase in July. Recent credit card use data had been poor, suggesting the risks might be to the downside, which would be negative for the USD.
GrowthAces.com - Daily Forex Signals