The highlight of today’s session in the foreign exchange market should be the release of US retail sales data for September. ING economists analyze how the numbers could affect EUR/USD.
EUR/USD will largely depend on the US Retail Sales release.
EUR/USD has risen slightly thanks to a slightly positive environment in the equity markets. In the background, we also see that raw materials linked to China, such as iron ore, are performing quite well, perhaps due to the fiscal and monetary stimulus expected from China. This represents slight support for the Euro.
We suspect that the release of US retail sales will largely determine the evolution of the EUR/USD pair. If we are correct about the risks of a weaker figure, EUR/USD could overcome the intraday resistance of 1.0575/1.0585 towards the 1.0610/1.0615 area. If this zone is broken, EUR/USD could see a correction.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
