What to Look out for Today – USD holds Strong from Retail Sales Data

Yesterday’s positive retails sales data, seems to have bolster the dollar for yet another day and even has markets kept hopes up for another Federal rate hike this year. Of course, this also depend what we be said during the FOMC’s release of their meeting minutes. Although the market is speculative whether the announcement will actually contain hawkish information.

Retail sales yesterday yielded a 0.6% increase surpassing substantially the forecasted 0.4% and doubling the previous month’s data that was 0.3%.

But retail sales weren’t the only contributing factors to the dollar’s continued momentum – on Asian markets U.S. Treasury note rose to 2.267% up from its Tuesday US closing at 2.266% and 2.218% on Monday.
Both of these figures contributed to traders buying back much of the US currency they offloaded last week in fear of a potential armed conflict between the U.S. and N. Korea.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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