USD hit a two-month high ahead of US retail sales

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USD rose on Thursday against a basket of global currencies to continue its gains for a second day in a row, hitting a two-month high as risk appetite in the financial markets rose and investors focused on buying high-yielding currencies. United States on retail sales and producer prices.

USD index rose more than 0.1% to 97.10 points, the highest level since December 14, and the opening level of 96.98 points, the lowest level at 96.79 points.

The index ended yesterday’s trading up by 0.5%, the ninth gain in the last ten days, with the resumption of purchases of USD against a basket of major and secondary currencies.

Sentiment in most global financial markets has risen, with optimism that the United States and China will reach a comprehensive trade agreement, especially given the remarkable progress in the intensive trade talks being held in Beijing between a senior US delegation led by Treasury Secretary Stephen Menuchin and officials from the Chinese government.

US President Donald Trump said the talks were going very well and he was inclined to delay the lifting of tariffs on Chinese goods on March 1 if the two sides were close to reaching a trade deal.

Investors are looking ahead to a number of economic data from the US today, perhaps the most important data on monthly retail sales, which is one of the most important indicators of consumer spending, which accounts for more than 70% of the value of GDP.

Retail sales are expected to rise by 0.1% during December from a rise of 0.2% in November. Retail sales excluding auto sales are expected to rise by 0.0% from 0.2% The previous reading, and it was supposed to be the data for the month of January, but the closure of the US government for 35 days was the cause of this delay !!

The producer price index is expected to rise by 0.1% in January from a 0.2% drop in December. The same index excluding food and fuel prices is expected to rise 0.2% from a 0.1% drop in the previous reading.

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