Traders Need To Know These Developments Before Starting A NY Session Trade - Kakiforex.com - Financial Market Media No. 1 in the World Traders Need To Know These Developments Before Starting A NY Session Trade Traders Need To Know These Developments Before Starting A NY Session Trade

July 16, 2021

Traders Need To Know These Developments Before Starting A NY Session Trade

 The US dollar giant continued to strengthen in the European session, as markets awaited the release of US retail sales data tonight.


The dollar index, which measures the strength of the greenback dollar, traded higher against a basket of major currencies at 92.70.


Investors began to ignore the dovish remarks of Federal Reserve (Fed) chairman Jerome Powell who tried to dampen expectations of a faster tightening, arguing the rise in inflation was temporary.


Market attention is now focused on the production of US retail sales data which is forecast to fall 0.4% in June, but up from the previous month’s reading.



The kiwi dollar benefited from a surge in inflation in the second quarter, which further strengthened market expectations for the Central Bank of New Zealand (RBNZ) to raise interest rates after announcing the end of its bond -buying scheme at a policy meeting last Wednesday.


The Aussie dollar continued to be stuck around lows, weighed down by the gloomy economic outlook as the rise of Covid-19 in Australia led to extended sanctions.


Meanwhile, the pound eased lower, testing the 1.38000 price level as the greenback showed strength at the opening of the European session. Statements from previous Bank of England (BOE) policymakers had given temporary gains for the pound to soar higher on Thursday.


The euro continued to trade hovering around $ 1.1803 as the king of the currency continued to strengthen, not far from a three -month low against the US dollar.