Mon, 20 Aug 2012 00:00:00 +0200
US Indicators Set to Drive Market Volatility This Week
The US dollar was able to finish out last week on a bullish note, following the release of a better than forecasted Prelim UoM Consumer Sentiment figure. The indicator, combined with positive retail sales data from earlier in the week, lifted the dollar to a five-week high against the Japanese yen. The USD/JPY advanced more than 30 pips for the day to reach as high as 79.54. The greenback also advanced more than 70 pips against the Swiss franc to peak at 0.9772 during the European session. A downward correction resulted in the pair finishing the week at 0.9739. Turning to this week, dollar traders will want to pay attention to a number of economic indicators out of the US that could potentially generate market volatility. Home sales data on Wednesday and Thursday is forecasted to show growth in the US real-estate sector. If true, the dollar may be able to extend its upward trend against the yen in the coming days. Additionally, investors are eagerly anticipating Wednesday's FOMC Meeting Minutes to see if the Fed will hint at a new round of quantitative easing to boost the US economy.
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