RetailSales in the US are forecast to remain unchanged in December. Dollar has been having a difficult time finding demand this week. Market participants will pay close attention to Retail Sales Control Group print. FX Forex Trading
Whilst the market reaction to this data point is usually pretty muted, the Retail Sales Control Group, which represents the total industry sales that are used to prepare the estimates of the Personal Consumption Expenditures for most goods, may elicit a response.
To summarize, the dollar is struggling to find demand as this week's developments suggest that the Fed could afford to stay patient when it comes to policy tightening and the Retail Sales report by itself is unlikely to change that.DXY could fall further before becoming technically oversold, according to the Relative Strength Index indicator which is holding above 30 on the daily. The index is staying below the six-month-old ascending trendline, confirming the bearish bias.
In case the index stages a technical correction, it could meet first resistance at 95.20 before returning to 96.00 . If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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