The EUR/USD is focusing on higher value levels while the United States Retail Sales become the result of rising inflation in the economy. Last week, the United States Retail Sales was published at 1%, which is more than the last -0.3%, and anticipated 0fuel The high cost of fuel and food caused a spike in the United States Retail Sales.
Subsequently, all these have supported the uptrend of this pair. However, price forces from fuel and food do not qualitatively contribute to the upbeat Retail Sales.
A wider slackness in the confidence of consumers predicts a poor economic outlook. And, this is because the high cost of goods and services has eaten deep into the citizen’s income. Consequently, this will further propel the value of the EUR/USD pair.
Additional Facts Influencing EUR/USD Price
The United State economy has witnessed a considerable decline in consumer confidence. Also, the Michigan Consumer sentiment index was published a bit – at 51.1, higher than the predicted 49.9 and the previous 50. This figure is very close to the lowest for the past two years.
EUR/USD is expected to show high volatility because Eurostat is set to publish the Harmonized Consumer Price Index tomorrow. A smooth Harmonized Consumer Price Index in Europe will excite the European Central Bank.
Nevertheless, this is so because the Central Bank won’t have to aggressively increase the interest rates. Other Western countries are also experiencing sharp increases in their price pressures.
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