EUR/USD stays vulnerable at five-week low near 1.0900 ahead of US Retail Sales – by anilpanchal7 EURUSD RetailSales Recession YieldCurve RiskAversion
pair fades the late Monday’s corrective bounce off the multi-day low as traders brace for the key US Retail Sales for July amid holidays in multiple European markets. It’s worth noting that the US Dollar ignores the looming fears of the Fed’s policy pivot in September while tracing firmer US Treasury bond yields amid economic woes and jittery markets while the Euro remains depressed amid mixed concerns at home.
Following the data, the German Economy Ministry noted that current early indicators do not yet point to a sustainable economic recovery in the coming months, per Reuters. The report, however, also added that the expected cautious recovery in private consumption, services and investment is showing the first signs of hope, which are likely to strengthen as the year progresses.
That said, the looming debt crisis in China and its contagion impact, especially amid the fears that the world’s biggest industrial player losses economic recovery, weighs on sentiment even if the easing inflation concerns allow market players to remain hopeful. Also challenging the market sentiment and the EUR/USD could be Russia’s firing of warning shots at a warship in the Black Sea and readiness to equip new nuclear submarines with hypersonic missiles.
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