13 May 2015
BoE inflation report and US retail sales to dictate price action today – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of InvestingBetter, believes today’s Bank of England’s Quarterly Inflation Report and the US Retail sales data release will be key to identify the medium-term turning points for GBP/USD and EUR/USD.
Key Quotes
“Today though traders’ attention will be on the release of the Inflation Report from the Bank of England and the Retail Sales figures from the US. Both events are highly anticipated and could cause quite a bit of volatility in the markets. Traders will look to take advantage of the aftermath of the reports as both of them could be important medium-term turning points for their respective currencies.”
“Taking a look at the technical outlook of the major currencies, we find the Euro trading above the 1.1200 area today after yesterday’s short-lived rally on the back of the Greek debt repayment.”
“We believe that Euro’s short-term outlook hinges on the release of the Retail Sales report from the US. The report is expected to show some mild weakness in consumer spending last month and this could allow the Euro to extend its rally towards the 1.1300 barrier.”
“The Cable extended its gains yesterday after the stronger than expected Industrial and Manufacturing Production reports were released and the currency is trading above the 1.5650 area this morning. As we mentioned above the currency’s outlook hinges on the release of the Inflation Report from the BoE and here all bets are off.”
Key Quotes
“Today though traders’ attention will be on the release of the Inflation Report from the Bank of England and the Retail Sales figures from the US. Both events are highly anticipated and could cause quite a bit of volatility in the markets. Traders will look to take advantage of the aftermath of the reports as both of them could be important medium-term turning points for their respective currencies.”
“Taking a look at the technical outlook of the major currencies, we find the Euro trading above the 1.1200 area today after yesterday’s short-lived rally on the back of the Greek debt repayment.”
“We believe that Euro’s short-term outlook hinges on the release of the Retail Sales report from the US. The report is expected to show some mild weakness in consumer spending last month and this could allow the Euro to extend its rally towards the 1.1300 barrier.”
“The Cable extended its gains yesterday after the stronger than expected Industrial and Manufacturing Production reports were released and the currency is trading above the 1.5650 area this morning. As we mentioned above the currency’s outlook hinges on the release of the Inflation Report from the BoE and here all bets are off.”