By TraderVox.com
Despite the faith shown in the USD on Friday, reports that exited the US were generally mixed. Trade balance posted better results than expected as we saw a figure of $48.8 Billion deficit which was slightly better than most analysts expected. However, preliminary University of Michigan Consumer Sentiment survey data did not meet what analysts had expected. We saw a reading of 72.5 whereas analysts had expected a reading of 74.4.
We shall look ahead to the high profile events we expect can move the market this week and there are several expected.
Monday shall represent a quiet day as far as US reports are concerned as we expect no major announcement today.
Tuesday, we expect the retail sales report to be released. We think it will show a 0.8% gain although the core data may show a slightly lower increase of 0.6%.
Wednesday, there is the TIC long term purchase. Forecast shows we can expect a figure of 62.3 billion US Dollars, which if we do, is a significant increase from last month’s figure of 59.8 billion US Dollars. What this shall imply is that the value of purchase by foreign investors in the US is significantly greater than that of US locals.
On Thursday, we have several reports in the shape of building permits and housing starts report, Producer price index, Fed manufacturing index for Philadelphia and initial jobless claims.
CPI data shall conclude the week for US reports on Friday and a 0.3% gain in the core and mainstream version of the reports is what we anticipate.
This week therefore presents us with a lot of Dollar related reports which may push for a very volatile dollar.
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