Today investors will get another pulse on the health of the U.S. consumer when the Commerce Department releases retail sales data for the month of January.
Asian shares are traded flat, following narrow losses on Wall Street, after the World Health Organisation eased some concerns about the coronavirus outbreak. On Wall Street on Thursday, the S&P 500 lost 0.16%,
Oil prices extended their week-old recovery on hopes that the world’s biggest producers would cut output more as demand looks set to drop sharply due to the outbreak of coronavirus. WTI crude oil has gained around 2.2% of its value so far this week.
The pound spiked on Thursday after UK PM Boris Johnson officially announced Rishi Sunak will replace Sajid Javid as a new Chancellor. The dollar’s index against a basket of currencies hit a four-month high, having risen 1.8% so far this month.
Gold prices are trading steady, close to a weekly high as the market sentiment turns risk-off amid rising concerns about the coronavirus outbreak.
Earlier today German GDP data came unchanged. EUR/USD pair trading slightly higher after the news. Yesterday the US CPI came at +2.5% vs. +2.4% expected. While the reading when excluding food and energy was +2.3% vs. +2.5% expected.
Today the main economic release the investors waiting for US retail sales which accounts for the majority of overall economic activity.
AUD/USD: The pair trading weak ahead of US retail sales report which due later today. The pair needs a clear break of this week high to move further upside 0.6770 and 0.6800.
Gold: The yellow metal trading higher today. The near term resistance is around $1583, any break over targets $1592/$1600. On the other side, the immediate support is at $1560 and any break will drag the gold to $1550 levels.
Quote of the day: Love is our true destiny. We do not find the meaning of life by ourselves alone – we find it with another- Thomas Merton.