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Forex Flash: US Retail data could disappoint - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the slight upside bias mentioned in EUR/USD mostly reflects his view that today´s retail sales data could disappoint.

He writes, “The NFP report revealed 24k of job losses in the retail sector while there has yet to be much evidence of a hit to sales from the rise in gasoline prices from mid-January to March. Also the early March consumer confidence readings were weak. That could mean the dollar underperforms in the aftermath of the data.”

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Nomura economists have raised their forecasts on the back of a weak Yen and strong shares, believing that the aggressive BoJ monetary policy is likely to boost real economy.
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Forex: EUR/USD finds support around 1.3040

After bottoming in the boundaries of 1.3040, buying interest is now lifting the cross to the current area of 1.3065/70 ahead of US retail sales and Chairman Bernanke’s speech...
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