Retail Sales rose less than expected in June. With a forecast of 0.7%, 0.4% was a disappointment to economists and investors today.
With a less-than-expected report, retail sales are adding to the signs of an economic slowdown, which could hinder the Fed’s plan of possibly Tapering later this year. The Fed is waiting for the economy to improve “substantially”.
According to the Commerce Department, along with the 0.4% retail sale increase , automobile demand soared and the demand for building material dropped.
Regardless of expectations, June was still the third month in a row that Retail Sales increased. The month of May saw a climb of 0.5%.
The EURUSD is currently having trouble breaking the strong 1.30 area of support. Maybe this week we will see a more defined trend develop, breaking through to the bottom or continuing upward. I think the weekly chart pinbar suggests Euro weakness to come.
For news updates and more fundamental analysis, follow me on Twitter. Follow the Winner’s Edge account, Casey’s twitter account, Nathan’s twitter account, and Tim’s twitter account too for Forex analysis, and trade ideas!
For the most recent Technical Analysis click here!
Winner’s Edge Trading, as seen on: