USD is resuming gains ahead of retail sales and Jerome Powell’s comments

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USD rose on Thursday against a basket of world currencies to resume its two-day gains on correction and profit taking. The rise comes at the expense of euro and pound currencies, which are currently facing negative pressure after the resignation of a British government minister. Britain comes from the European Union, ahead of important US economic data on monthly retail sales, and comments by Federal Reserve Chairman Jerome Powell.

USD index rose 0.25% to 12: 13 GMT, trading at 97.05 points, the opening level of 96.81 points, the highest at 97.23 and the lowest at 96.61.

USD ended 0.1% lower yesterday, the second consecutive daily loss, with the correction and profit taking from a 17-month high of 97.51.


Dominique Rapp, the British government’s secessionist affairs minister, stepped down on Thursday, stepping up pressure on Prime Minister Teresa Mai, who is now desperately trying to complete the country’s exit from the European Union.

Domenech Rap said on the grounds of the resignation that he could not agree to the proposed terms of the disengagement agreement because it did not meet the promises made by the ruling Conservative Party to the country in its campaign last year.

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, expected to rise by 0.6% in October from a 0.1% rise in September, are expected to release by 12:30 GMT. Retail sales excluding auto sales are expected to rise by 0.5% from 0.1% read-through Previous.

The Philadelphia Manufacturing Index is also expected to rise 20.1 points in November from 22.2 in October, and weekly jobless claims are also expected, with a forecast of 213,000 jobless claims through the week ending November 10, The previous week offers 214 thousand.

Federal Reserve Chairman Jerome Powell is speaking at one of the events at the Federal Reserve headquarters in Dallas, Houston, and may provide new evidence on the pace of monetary tightening under the country’s strong economic growth.

 

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