When are US monthly retail sales figures and how could they affect EUR/USD?

US monthly retail sales overview

Wednesday's US economic docket highlights the release of monthly retail sales figures for September, scheduled at 12:30 GMT. Following the previous month's stronger-than-expected rise of 0.4%, consensus estimates point to modest downtick to 0.3% growth during the reported month. Sales excluding automobiles are seen ticking higher by 0.2%, up from a flat reading recorded in August. Meanwhile, the growth for the closely watched Retail Sales Control Group is expected to hold steady at 0.3% monthly rate in September.
 
As analysts Danske Bank explained – “Retail sales have grown for six consecutive months, so we would not be surprised if retail sales disappoint after some strong months. The data release is going to be key for many FOMC members whether to support another cut later this month or not.”

How could it affect EUR/USD?

Yohay Elam, FXStreet's own analyst offered his view on the EUR/USD pair and also provided important technical levels to trade the major - "Support awaits at 1.10, which had capped EUR/USD several times before it broke higher. Next, we find 1.0940, which provided support in early October, followed by 1.0905, which had the same role in late September. The 2019 low of 1.0879 is next.”
 
“Resistance awaits at 1.1060, which capped euro/dollar twice in the past week. It is closely followed by 1.1075, which capped it in mid-September. Next, 1.1115 was the high point in September. It is followed by 1.1165,” he added further.

Key Notes

   •   US Retail Sales Preview: Stronger consumer sentiment may tilt consumption higher
 
   •   EUR/USD forecast: Stuck in a familiar trading range ahead of Euro-zone CPI, US retail sales
 
   •   EUR/USD Technical Analysis: Rallies still capped by the 1.1060/65 band

About US retail sales

The Retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly per cent changes reflect the rate of changes in such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).