Yesterday the US retail sales report encouraged the market and returned demand for the greenback.Thus, the US dollar index finishes the weakly session above 98.00. When we were preparing the material for this video, the index was trading near 98.30. Today’s news from the US construction sector did not change the market sentiment. A slowdown in the construction of new houses continues. The number of new housing starts has been declining for 3 months in a row. In July it lowered by 4%, while experts forecast a rise of 0.2%. Meanwhile, the number of approved building permits turned out to be 8.4% higher than in the previous month. Investors anticipate the construction sector to advance soon as it was the sharpest growth since June 2017. Moreover, it questions the upcoming recession of the US economy. The similar sentiment dwells around the stock market as indices’ trends are reversing and partially recovering. However, investors remain cautious after the recent pike of volatility. Besides, the threat of the trade conflict’s escalation is still there. Obviously, the commodity market got relieved as well amid positive news about the US economy. Thus, the loonie manages to resist the strong greenback. The USD/CAD pair is trading sideways near 1.3300. That is all we have for you today. Have a good weekend and a lot of profitable deals. See you on our channel on Monday! FX Analytics -
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