{"id":172269,"date":"2020-06-16T13:03:37","date_gmt":"2020-06-16T17:03:37","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=172269"},"modified":"2020-06-16T13:03:37","modified_gmt":"2020-06-16T17:03:37","slug":"us-consumers-join-the-party","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/06\/us-consumers-join-the-party\/","title":{"rendered":"US consumers join the party"},"content":{"rendered":"
June 16, 2020<\/div>
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By Lukman Otunuga, Research Analyst, ForexTime<\/a><\/strong><\/p>\n

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The hotly anticipated US retail sales figures were released earlier this afternoon and they didn\u2019t disappoint with more records broken. The headline number topped the previous high from October 2001 and came in more than double the estimate at 17.7%, while the prior month\u2019s figure was also revised upwards.<\/p>\n

The numbers have added to an upbeat mood on Wall Street with the Dow Jones up over 750 points. The wider S&P500 has now bounced strongly from the psychological 3,000 level and the widely watched 200-day Moving Average.<\/p>\n

Data in the eurozone\u2019s biggest economy also showed some positive news with the ZEW index, a prominent German business survey, increasing for the fourth consecutive month. It seems the worst may be over for the bloc\u2019s economic powerhouse and together with the huge fiscal support from the German government, the rebound of the economy should continue, especially if fears from a second wave prove short-lived.<\/p>\n

Brexit positivity helping GBP<\/strong><\/p>\n

Sterling is the strongest major on the day as the pound gets a boost from PM Johnson\u2019s call yesterday with EC President von der Leyen where the leaders agreed to intensify trade talks.<\/p>\n

After the bullish run seen since the end of May, the retrace and subsequent bounce from below 1.25 looks constructive. However, the 200d MA at 1.2692 looms above as well as a significant Fib level (61.8%).<\/p>\n

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EUR\/USD pauses for breath<\/strong><\/p>\n

EUR looks to be building a broad consolidation pattern between 1.12 and 1.14 after the scaling the heights last week. Losing Friday\u2019s low at 1.1212 would look ominous but holding sideways just below the recent highs would normally see a breakout in the direction of the recent trend. Resistance comes in the upper 1.13s and 1.1422.<\/p>\n

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Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Lukman Otunuga, Research Analyst, ForexTime The hotly anticipated US retail sales figures were released earlier this afternoon and they didn\u2019t disappoint with more records broken. The headline number topped the previous high from October 2001 and came in more than double the estimate at 17.7%, while the prior month\u2019s figure was also revised upwards. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-172269","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=172269"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172269\/revisions"}],"predecessor-version":[{"id":172271,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/172269\/revisions\/172271"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=172269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=172269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=172269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}