Forex Fundamental Analysis – Strong US retail statistics


EURUSD trading plan:

U.S. retail sales increased more than expected in August as a surge in gasoline prices boosted receipts at service stations, but the trend in underlying spending on goods slowed as Americans grappled with higher inflation and borrowing costs. The report from the Commerce Department also showed spending on goods in July was not as robust as initially thought. The data, however, did not change expectations for solid growth in overall consumer spending this quarter amid evidence of splurging on services like concerts, movies and sporting events. The economy’s underlying strength was reinforced by another report from the Labor Department showing new applications for unemployment benefits rising slightly last week.

Investment idea: sell 1.0700 and take profit 1.0615.

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