US dollar is trading sideways after a day filled with international concerns.
On Monday, the US Dollar (USD) was the stable boyfriend in a commodities market that had undergone a tumultuous trip. First and foremost, the energy complex has taken a wild ride. As a result of statements on the Israeli-Palestinian conflict from Iran. Turkey, and the United States. Despite the headlines. The US dollar remained stable, causing shares to surge.
On the data front, traders may get their teeth into US Retail Sales, which are expected an hour before the US stock market starts on Tuesday. As is customary, The print may cause a knee-jerk reaction since the first moves are frequently contradicted by the revision of the prior number. In other words, expect some volatility in either direction.
Daily summary: The US dollar is becoming more data-driven.
The President of the New York Fed, John Williams, is scheduled to speak at 12:00 GMT on Tuesday.
In terms of data, the Retail Sales figures for Tuesday will be released around 12:30 GMT: The monthly Retail Sales figure for September is likely to fall from 0.6% to 0.3%. The last Control Group number was 0.1%, with no anticipation for this time. Retail Sales Excluding Autos are down from 0.6% to 0.2%.
The Redbook Index is due at 12:55 GMT. to be released during the week of October 13. 4% was the previous reading.
The monthly Industrial Production report for September is scheduled at 13:15 GMT. The print is expected to fall from 0.4% to 0%.
Around 13:20 GMT, Michelle Bowman, a Federal Reserve board governor, is expected to make waves.
Another two numbers are scheduled to be released at 14:00 GMT: August US business inventories are predicted to rise from 0% to 0.3%. In addition, the National Association of Home Builders (NAHB) will release the October Housing Market Index, which is predicted to fall from 45 to 44.
Around 14:45 GMT, Thomas Barkin of the Federal Reserve Bank of Richmond is expected to make some news.
Equities are heavily intermingled with European and US shares are down, while Asian equities are up about 1%.
According to the CME Group’s FedWatch Tool, markets are pricing in a 90.1% possibility that the Federal Reserve will hold interest rates steady at its November meeting.
The 10-year US Treasury yield has risen to 4.75% and is expected to rise further as the bond sell-off continues.
