New Zealand retail sales missed expectations with a modest rise of only 0.8% and a miss also on the core. The US dollar struggled to make gains despite stronger than expected retail sales and inflation figures as well as an upbeat sounding Yellen. With retail sales numbers made public only once per quarter, the information about plastic card usage fills the void. 0.7075 was a swing low in August and had a role afterward as well. Technical lines, from top to bottom:The round number of 0.74 served as resistance and support back in 2015.
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USD/CAD Forecast Feb. 20-24
Core Retail Sales Sales: Wednesday, 13:30. In the US, retail sales and CPI were better than expected and also Yellen sounded upbeat about the US economy. This week's key events are Core Retail Sales and CPI. Retail Sales: Wednesday, 13:30. Retail Sales is the primary gauge of consumer spending.
AUD/USD showed little movement during the week, but closed the week almost unchanged, at 0.7654. RBA Governor Philip Lowe Speech: Tuesday, 21:30. RBA Governor Philip Lowe Speech: Thursday, 22:30. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD. AUD/USD Technical AnalysisAUD/USD opened the week at 0.7668 and dropped to a low of 0.7617.
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