U.S. retail sales fell less than anticipated in February, but severe downward revision to January's data could awaken concerns about the economy's growth prospects. Such data indicates a decline in spending by the household sector and therefore lower growth rates.
Today, all eyes are on the Fed Statement and Yellen's Press Conference. The U.S. Federal Reserve is expected to hold interest rates steady as its balances continue to cause concerns about the health of the global economy with new signs that domestic inflation is starting to emerge.
U.S. retail sales declined in February by 0.1%, due to a surprise decline in automobile purchases. US dollar index settled at 96.60.
EUR was not affected by the recovery of European jobs data and settled around the 1.11 level.
Yesterday, GBP declined from the highest level in a month against USD. GBP was negatively affected by a new poll which showed support for the Brexit campaign.
USD/JPY settled at 113 by the end of yesterday’s trading session. The pair was negatively affected by strong U.S data and BOJ's policies. Yen is awaiting the Federal Reserve statement and may anticipate further support during the next period.
Gold declined to $1,225 before trading higher at $1,233. The yellow metal may see further declines to $1,220 before the Federal Reserve statement.
Oil declined for the second straight trading session in the course of the week. Statements on rising oil production and Chinese slowdown negatively affected oil. WTI declined below $36 and might re-test $35, negatively affected by news of a delay in OPEC and non-OPEC meeting’s.
The most important economic events:
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