Usa Retails sales report
Retail Sales
Country: 🇺🇸
Previous: -0.1% m/m; -0.1% m/m
Actual: -1.1% m/m; -0.9% m/m
An aggregated measure of the sales of retail goods over a stated time period, typically based on a data sampling that is extrapolated to model an entire country. In the U.S., the retail sales report is a monthly economic indicator compiled and released by the Census Bureau and the Department of Commerce. The report covers the previous month, and is released about two weeks after the month-end. Comparisons are made against historical data; year-over-year comparisons are the most-reported metric because they account for the seasonality of consumer-based retail.
Consumer price index
Consumer Price Index
Country: 🇨🇦
Previous: 0.4% m/m; 0.7% y/y
Actual: 0.1% m/m; 1.0% y/y
The key gauge for inflation in Canada. Simply put, inflation reflects a decline in the purchasing power of the Canadian Dollar, meaning each Dollar buys fewer goods and services. CPI is the most obvious way to measure changes in purchasing power - the report tracks changes in the price of a basket of goods and services that a typical Canadian household might purchase. An increase in the index indicates that it takes more Dollars to purchase this same set of basic consumer items.
As the most important indicator of inflation in Canada , Consumer Price figures are closely followed by Canada 's central bank. The Bank of Canada has a target inflation band of 1 - 3 % and uses CPI and Core CPI as its principle gauge (the Bank of Canada posts inflation targets and CPI on their homepage). A rising CPI may prompt the central bank to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Dollar more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Dollar.
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Gold analyisis
Futures contracts for gold prices fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its retracement of the third session in five sessions from the lowest since August 26, amid the bounce of the US dollar index for the third session in four sessions from its high on the 12th of the same month according to the inverse relationship Between them, looking forward to the results of the Japanese elections today, Monday, and in the wake of the developments they followed regarding the Corona virus vaccine, and amid a scarcity of economic data early this week by the US economy, the largest economy in the world.
At exactly 05:30 am GMT, gold futures contracts for next December delivery rose 0.45% to trade at $ 1,957.60 an ounce compared to the opening at $ 1,948.90 an ounce, knowing that the contracts started the session on a rising price gap after it was concluded Last week's trading at $ 1,947.90 an ounce, with the US dollar index declining 0.11% to 93.19 compared to the opening at 93.29.
Other than that, we followed yesterday the announcement by the CEO of the American company Pfizer about the possibility of deploying a vaccine to Americans by the end of the year, which is a shorter time frame than most public health officials in America suggested, and this came in the wake of the British company Astra-Zeneca and the University of Oxford reported that the trial had resumed. UK vaccine after the study was stopped due to fears of complications for one of the patients participating in the trial.
In another context, the markets are looking forward to tomorrow, Tuesday, the start of the meeting of the Federal Open Market Committee September 15-16 via satellite in Washington, during which it is expected that the short-term reference interest rates for the fifth meeting will be maintained at between zero and 0.25%. In conjunction with the disclosure of the committee members ’expectations for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.
Up to the press conference to be held by Federal Reserve Governor Jerome Powell tomorrow, Wednesday, precisely half an hour after the end of the meeting, to comment on the decisions of the committee that previously adopted many stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell stated on the sidelines of the Jackson Hole meetings The Federal Reserve adopts a new inflation policy, targeting average inflation 2% above for some time.
Technical analysis
The price of gold opens the trading day positively after testing the pivotal support 1934.86 and consolidating above it, which provides indications of the price direction to achieve expected gains during the upcoming sessions, supported by the positivity of the stochastic indicator, on its way to resume the main bullish trend, noting that the main expected targets start at 1967.90 and extend To 2008.80.
Consequently, the bullish trend will be likely in the intraday and short term, provided that the price maintains stability above 1934.86.
The expected trading range for today is between 1935.00 support and 1975.00 resistance
The expected general trend for today: Bullish
Sber Bank stock analysis
Sberbank's stock breached the support level represented by the lower bound of the ascending channel within which it was moving, which appears in the chart, thus the price confirms the new bearish path. Especially after moving below the EMA 50.
The current price action takes place between the support level 220.10 and the resistance level 223.10 over the intermediate period which will be the main targets of the price action.
The moving averages -50-20-7 are above the price near 221.80 and add pressure on the price for a further decline. .
The general direction of the movement: a bearish path
EURGBP Analysis
*UK Johnson/France Macron speak: Agree on importance of making progress this month*
Leaders speak... EURGBP near session highs.
UKs Boris Johnson and France's Macron spoke today. The headlines say:
▪agreed on importance of making progress on Brexit this month and reaching a conclusion on talks quickly
▪Discussed UK – French cooperation on coronavirus
Stating the obvious, but the heat is on and the pound GBP remains near lows.
Taking a look at the EURGBP, it is trading near its highs for the day. The pair based near its 200 hour moving average in the Asian session and subsequently extended above its 100 day moving average at 0.89537 (a risk level for longs now).
The high for the day reached 0.8993 which is also the 61.8% retracement of the move down from the August 20 high. The natural resistance at 0.9000 is the next upside target to get to and through. The current price trades at 0.8980.
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@Bricson
