Today the focus is on the UK’s November Retail Sales and Canada’s October Core Retail Sales.
British Month-on-Month Retail Sales for November will be released. Forecast: 1.0% The data may impact GBP throughout the day.
Assets to trade: GBP/USD, EUR/GBP, GBP/JPY
Canadian Core Month-on-Month Retail Sales for October will be out. Forecast: 1.5% CAD may increase if the actual figure beats the forecast.
Assets to trade: USD/CAD, EUR/CAD, GBP/CAD
The Dow Jones dropped by more than 500 points on fears related to Omicron spreading as the business week begins. Affects Dow Jones
China cut its benchmark loan rate for the first time in two years, paving the way for easing measures. Affects Asia Composite Index
Turkish President Erdogan recently reiterated his view that Turkey needs rate cuts. The Turkish lira responded by dropping to fresh lows and trading at almost 18 liras against the US dollar. Affects USD/TRY
Turkish President Recep Tayyip Erdogan’s actions may be anything but supportive to his state’s currency. One year ago, one US dollar could buy approximately 7 Turkish liras. Now, it’s more than 17.
There is no indication if and when the Turkish lira will stop losing value in the near future. After a possible cooling off down to 16.00, we believe USD/TRY will keep going up.
Asia Composite Index
China’s recent rate change has provided support to the uptrend. We believe it increase to 6,130 in the near future.
This pair is now testing the resistance of 1.2930 and may soon cross 1.30 on the way up.