A trading week with a very busy and rich economic calendar is ending today, with a few but important economic data related to the US Dollar. After the increase in the Consumer Price Index yesterday, the forex market now places higher odds for another interest rate increase by the end of this year, but today’s economic news have the potential to lead to the appreciation or depreciation of the US Dollar depending on the outcome.
These are the most important economic events for today to be well informed and prepared for any currency market fluctuations and trends:
US Advance Retail Sales (August)
Time: 12:30 GMT
The monthly economic reading of Retail Sales is important tracking the consumer demand and consumer confidence, and while the readings are often volatile, higher Retail Sales are positive for the US economy and the US Dollar as they lead to higher economic growth and a higher GDP. The forecast is for an increase of 0.1% on a monthly basis, a lower annualized percentage change than the previous reading of 0.6%.
US University of Michigan Confidence (September)
Time: 14:00 GMT
Another popular and important economic indicator for the consumer confidence, with higher than expected or rising figures being positive for the US economy and the US Dollar as they reflect higher confidence of consumers for the state of the economy, higher consumer spending, and future higher readings of GDP. However the forecast is for a reading of 95.0, lower than the previous reading of 96.8, and a decline expected as in the forecast of the Retail Sales. So any surprise either positive or negative could add additional volatility to the US Dollar currency pairs.Economic Calendar