|Core Retail Sales (m/m)||0.2%|
The yen is the only gainer versus the US dollar as indices drop back into the red on a combination of disappointing retail sales and industrial production figures from China and stronger than expected retail sales from the US. Interestingly, The Wednesday and Thursday sessions in US indices showed the smallest 2-day change in more than 3 months, highlighting the magnitude of the volatility since the Oct peak. The ECB managed to find some middle ground that signaled disappointment in the economy without hinting at any changes in policy, placing renewed pressure on the euro to hug the major 200-WMA. Ashraf sent me some charts to focus on ahead of Wednesday's Fed decision. More on this below.
Just a few more words on PM Theresa May before we move on to the ECB below. May might have won a pyrrhic victory in fending off a leadership challenge. That could be the same for the pound as it rose more than 120 pips on Wednesday to lead the way. Month-to-Date, silver leads all major currencies, followed by gold, CHF and EUR. The ECB decision is up next.Read More...
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