Economic calendar: Data from the United States

Summary:

• US retail sales expected to advance for another month in a row

• ECB members to speak throughout the day

As it is usually the case for Mondays not many readings were scheduled for today. Investors will be offered retail sales print from the US in the early afternoon therefore some volatility on the USD may spur incase a major deviation from the consensus is observed. Apart from that, EUR traders may want to stay cautious and tune in as some European central bankers will deliver their speeches throughout the day, including ECB Vice President de Guindos.

1:30 pm BST - US, Retail Sales for September. Taking a look at the latest retail sales readings from the US one can see a rosy picture of the demand in the economy. It is true that we saw some contraction on MoM basis early in the year but core gauge that excludes items with the most volatile prices have not seen a negative MoM reading since mid 2017. Given that it is household consumption that drives economies such a trend in retail sales bodes well for the US in case it is set to continue. Market consensus expects the headline gauge to advance 0.6% MoM in September while retail sales reading excluding autos is forecasted to show 0.4% MoM increase. Simultaneously, the NY Empire Index will be released and it is expected to remain intact at 19 pts.

Central bank speakers scheduled for today:

• 10:15 am BST - ECB’s Angeloni

• 5:00 pm BST - ECB’s Nouy

• 7:00 pm BST - ECB’s de Guindos

Major US companies reporting earnings today:

• Bank of America (BAC.US)

• Charles Schwab (SCHW.US)

EURUSD launched new week lower as developments in the German domestic politics weighted down on the common currency. Nevertheless, the pair moved higher since erasing the downward price gap entirely. Source: xStation5