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Strong statistics supported the dollar

November 24, 2021

USD/JPY: The dollar rose against the Japanese yen on Tuesday after retail sales data signaled solid consumer health and eased worries about the Federal Reserve that may have to become more aggressive in the face of rising inflation. Data showed retail sales jumped 1.7% in October, the largest gain since March and above the 1.4% estimate, indicating Americans have begun holiday shopping early in an effort to avoid a shortage of goods amid stretched supply chains. Additional support to the dollar was provided by the $1 trillion infrastructure project signed by Biden. Strong resistance can be seen at 115.00. A breakout up can trigger growth towards 115.50.

BUY STOP 115.00/TP 115.50/SL 114.80


GBP/USD: The pound initially gained on Tuesday after upbeat U.K. jobs data but erased some of its earlier gains after data showed U.S. retail sales increased more than expected in October. Upbeat jobs data is enough to suggest the BOE’s concerns about post-furlough program employment trends would be allayed enough for a rate hike in December. The BoE could be the first major central bank to raise interest rates. But whether that initial increase comes as soon as next month or early next year has divided economists. The pound was up 0.1% at 1.3425 versus a strengthening dollar. Immediate resistance can be seen at 1.3450. A breakout to the upside can trigger growth towards 1.35.

BUY STOP 1.3450/TP 1.35/SL 1.3430


USD/CAD: The Canadian dollar weakened against the U.S. dollar on Tuesday as the greenback broadly climbed, and a senior Bank of Canada official said there was a lot of uncertainty about the economic slack. The Bank of Canada still expects it to be absorbed in the middle quarters of 2022, but that does not necessarily mean in the second quarter, Deputy Governor Lawrence Schembri said, potentially dashing market hopes of an early rate hike. Today traders will be presented with data on inflation in Canada, so the day for the Canadian dollar will be volatile.  Immediate resistance can be seen at 1.26. A breakout up can drive the pair towards 1.27.

BUY STOP 1.26/TP 1.27/SL 1.2560