When are US monthly Retail Sales figures and how could they affect EUR/USD? – by hareshmenghani RetailSales UnitedStates Fed EURUSD Currencies
highlights the release of monthly Retail Sales figures for February, due later during the early North American session at 12:30 GMT. The headline sales are expected to decline by 0.3% during the reported month, partly reversing a strong 3% increase recorded in January. Excluding autos, core retail sales probably fell by a modest 0.1% in February, as compared to the 2.3% rise in the previous month.
Analysts at NBF offer a brief preview of the report and write: “Car dealers likely contributed negatively to the headline number, as auto sales fell during the month. Gasoline station receipts, meanwhile, could have stayed more or less unchanged judging by the stagnation in pump prices. All told, headline sales could have contracted 0.7%, erasing only a fraction of January’s gain. Spending on items other than vehicles could have fared a little better, retreating just 0.5%.
Meanwhile, Eren Sengezer, Editor at FXStreet, offers a brief technical outlook and outlines important technical levels: “EUR/USD's action on Tuesday confirmed that static resistance area have formed at 1.0750/60. A four-hour close above that hurdle could open the door for a leg higher toward 1.0800 and 1.0850 .”
“On the downside, 1.0700 on the four-hour chart) aligns as key support. If that level fails, sellers could show interest and drag EUR/USD down to 1.0640 and 1.0620 ,” Eren adds further.
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