Global macro overview for 13/01/2017:
The US Retail Sales data for all-important December Christmas sales are scheduled for release at 01:30 pm GMT today. Retail sales are expected to have increased by 0.7% from the previous month (0.5% increase excluding autos) – a big jump from November's 0.1% increase. The wage growth, low unemployment, positive customer sentiment, record high credit card spending, higher income is all contributing to high retail sales. The yearly uptrend in retail sales is clear and it climbed 6% since 2012. In conclusion, another set of good data from the US is being expected today, which might boost the US Dollar again.
Let's now take a look at the US Dollar Index technical picture in the daily time frame. Since the top at the level of 103.83 the market is in the corrective cycle that possibly targets the level of 100.53. When this level is hit, a larger rebound or trend resumption is expected.
