USD Edges Higher
by Korman Tam
by Korman Tam
The dollar edged up higher against the euro and sterling, while sliding against the yen at the start of the week. Oil and gold eased early in the session, slipping to $68.22 per barrel and $992.9 per ounce, while the US equity bourses were marginally higher.
The US economic calendar kicks off with several releases tomorrow, including August PPI, retail sales, July business inventory and the September NY Fed manufacturing survey. The headline retail sales figure is estimated to post a dramatic improvement in August, increasing by 1.2% versus a 0.1% decline a month prior, while the excluding-automobiles retail sales figure is seen rising by 0.3% from a 0.6% decline in July.
Euro Steady above 1.46
The euro pulled off its session highs near 1.4650 but held steady above the 1.46-figure. The Eurozone July industrial production figures improved to 2.1% versus 1.9% from the previous month, while improving to -15.9% from -17.0% a year prior. Meanwhile, Q2 employment declined by 0.5% on a quarterly basis, while falling by 1.8% on an annualized basis.
In the session ahead, the key highlight will be Germany’s ZEW sentiment survey is seen improving to -67.1 in September from -77.2 in August, while the economic sentiment component is estimated to improve to 62.0 from 56.1.
EURUSD will find support at 1.46, followed by 1.4570 and 1.4540. Subsequent floors are eyed at 1.45, backed by 1.4460 and 1.4420. On the upside, resistance begins at 1.4650, followed by 1.4680 and 1.47. Additional ceilings are seen at 1.4730, backed by 1.4760 and 1.48.
The euro pulled off its session highs near 1.4650 but held steady above the 1.46-figure. The Eurozone July industrial production figures improved to 2.1% versus 1.9% from the previous month, while improving to -15.9% from -17.0% a year prior. Meanwhile, Q2 employment declined by 0.5% on a quarterly basis, while falling by 1.8% on an annualized basis.
In the session ahead, the key highlight will be Germany’s ZEW sentiment survey is seen improving to -67.1 in September from -77.2 in August, while the economic sentiment component is estimated to improve to 62.0 from 56.1.
EURUSD will find support at 1.46, followed by 1.4570 and 1.4540. Subsequent floors are eyed at 1.45, backed by 1.4460 and 1.4420. On the upside, resistance begins at 1.4650, followed by 1.4680 and 1.47. Additional ceilings are seen at 1.4730, backed by 1.4760 and 1.48.
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