Forex News Roundup February 16, 2023
- The US retail sales data released yesterday revealed a higher-than-anticipated month-over-month growth of 3.0%, pointing to a robust US economy and supporting the possibility of a more hawkish Fed policy, which strengthened the US Dollar.
- The strength displayed by USD lately has greatly influenced the market sentiments as a higher terminal rate, crossing 5.25% is being expected which would ultimately result in a 5-week high price.
- More information about the US inflation can be gathered from the upcoming US PPI data release.
- The UK CPI data states that annualised inflation of the UK economy has dropped by 0.4% and is currently 10.1%.
- The newly formed optimism in the stock market was projected into the major indices as they saw a significant rise. In fact, the bullish flag chart pattern seen in the S & P 500 index is signalling a possible price rise which may happen in the near future.
- The unemployment rate in Australia climbed from 3.5% to 3.7%, which is higher than anticipated but historically still a pretty low percentage.
- The New Zealand Dollar is currently the strongest foreign currency, while the Swiss Franc is currently the weakest; however, it is worth paying attention to the US Dollar’s minor retreat within a steady upward short-term trend in the Forex market.
- Lately, the prices of certain commodities such as sugar and cocoa were seen forming a bullish breakout.