Strong data on Retail sales did not manage to strengthen the dollar. It is said the major reason is drop of the Japanese market and the yen due to fears of Japanese debt collapses. Quantitative easing have not had impact on the Japanese economy. US
Retail sales in May grew 0.6% vs. forecast for 0.4%.
Today the second attempt of the dollar's consolidation is expected – data on the US is expected to be strong. At 13:00 GMT+4 data on inflation in the eurozone in May is published, Consumer Price index is expected to be flat, 1.4% (y-o-y), Core Consumer Price index is estimated to be 1.2% vs. 1.0%.
At 16:30 GMT+4 Producer Price index in the US in May is issued. It is expected to grow 0.1% vs. -0.7% in April. Core PPI is estimated to be flat, 0.1%.
At 17:15 GMT+4 US Capacity Utilization in May, forecast 77.9% vs. 77.8% in April. US Industrial Production is expected to be 0.3 vs. -0.5% in April. At 17:55 GMT+4 Michigan Consumer Sentiment Index in June is revealed, forecast 84.9 vs. 84.5.
Technically, the bearish targets remain virtually unchanged, the first target is 1.3320, the second is 1.3278, and the third is 1.3230. If the yesterday's high, 1.3389 is overcome, movement to the resistance of trend line on the H4 1.3444 is possible.
