Forecast: US retail sales expected to slow in November

ForexNewsNow | Published on December 14, 2010 at 4:46 am

GBP USD analysis - a pile of dollars.NEW YORK (Forex News Now) – The Census Bureau is due on Tuesday to publish key data on US retail sales, in a major event for FX traders.

The report is expected to show that the total value of retail sales rose by just 0.6% in November, down from 1.2% the previous month, according to at least two major online FX trading news outlets.

The bureau is scheduled to release the report at 1:30 P.M., GMT; as such the data is likely to affect currency market trading today.

However, the release of the report may be overshadowed by the simultaneous release of the producer price index by the Department of Labor – a leading indicator of consumer inflation.

According to EUR/USD analysis, a higher-than-expected rise in the value of retail sales could push the currency pair toward short-term support around the Dec. 6 close of 1.3309.

But should the data show a lower-than-forecast rise, or even a drop, EUR/USD could lift toward short-term resistance around the Nov. 23 high of 1.3628.



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