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Dollar Holds Ahead of Retail Sales, Energy Prices Soar and Cryptocurrencies Rise

This is what you need to know to trade today Thursday, September 16:

Market sentiment is mixed as hopes for cooling US inflation are offset by rising energy costs that threaten to undermine growth. Booster vaccines for COVID-19 are being discussed and cryptocurrencies are on the rise.

Weaker US inflation figures are insufficient to depress the dollar. A day after core inflation fell short of estimates, the world’s largest economy reported that import prices surprisingly fell in August. The dollar fell but found new demand as investors have other reasons to worry.

Energy: US WTI Crude Extended Gains Nearing $ 73 After US Inventories Showed Another Substantial Slump. Additionally, there is growing fear of a natural gas shortage in Europe ahead of winter. Concerns about other commodity prices have prompted China to release various metals from its reserves.

The EUR/USD It hasn’t moved away from the 1.18 magnet, partly due to the European Central Bank’s calm approach to inflation. ECB President Christine Lagarde speaks later in the day.

The GBP/USD it is trading near 1.38, returning gains related to high UK inflation data. The reorganization of Prime Minister Boris Johnson’s government ended without any change in key economic positions.

Thursday’s focus is on retail sales,which are projected to have fallen in August for the second month in a row. Consumption is critical to the American economy.

See: US Retail Sales Preview for August: Can Gold Turn Bullish on Weak Data?

The Philadelphia Fed Manufacturing Index is also of interest after the parallel figure for the New York region beat estimates. Weekly jobless claims are set to bounce off the lows.

The AUD/USD it is trading above 0.73 after Australia reported a larger-than-expected drop in employment, losing 146,300 jobs in August. The NZD / USD it is trading around 0.71, moving higher after the standout growth data from New Zealand. The economy grew 2.8% in the second quarter, more than double the first estimates.

Coronavirus vaccines: Data from Moderna and Pfizer show that booster injections reduce the chances of infection and that the effect of immunization diminishes over time. Experts disagree on the need for third doses. Cases remain high in the United States and the United Kingdom, and lowest in Europe.

The cryptocurrencies They are on the rise, with Bitcoin trading above $ 48,000 and Ethereum approaching $ 3,700. ADA is also on the rebound, hovering around $ 2.50. Ray Dalio, the founder of Bridgewater, said that he owns a “certain amount” of Bitcoins.

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