US Open Note – Dollar continues march higher after the US retail sales release



US retail sales ticks up

US retail sales are the highlight of today. The figure climbed by 1.7% m/m for October as compared to 0.8% in the previous month, driving the greenback higher. Despite supply issues and delivery delays, there is a strong belief that customers will begin their holiday shopping earlier this year.

Vice President Biden has made his selection for the position of Chairman of the Federal Reserve. Powell is the most qualified candidate, even though Brainard has impressive credentials. His performance has improved dramatically since his inauspicious beginning, and the markets have placed their faith in him.

Walmart's fiscal third-quarter results beat analysts' estimates on Tuesday as price-conscious buyers flocked to its stores amid rising food costs. Consumers also spent more on home renovation projects, according to Home Depot's quarterly earnings and revenue.

Several Fed policymakers, notably Richmond Fed President Barkin, San Francisco Fed director Daly, and the Atlanta Fed's Bostic, will be making appearances today, and their statements will be eagerly followed for any new insights into the inflation picture and how it will influence the Fed's decisions.

FX market: dollar is the best performing currency of the day

The dollar is rising across the board, except against the pound. The greenback's momentum may have slowed at the end of last week, but this week is a different story, especially with euro/dollar which is continuing to record new lows around 1.1350. Dollar/yen is climbing above 114.00 and dollar index is moving back to the recent highs of 95.60. However, pound/dollar is moving higher too, near 1.3470. US stock index futures are suggesting a positive open today.

UK releases employment report

The UK announced strong labor market figures earlier today. The unemployment rate for the three months ending September reduced by two tenths of a percent from last month to 4.3%, compared to the predicted 4.4%, thanks to a larger-than-expected 247k growth in employment. Jobless claims declined by 14.9 thousand in October, compared to a revised drop of 85.9 thousand in September. The improvements occurred after the government's jobs furlough program came to an end in September, suggesting that many of the 1.1 million people who were on the program were able to obtain gainful employment after it ended.

RBA announces its minutes

The minutes from the Reserve Bank of Australia were announced earlier today. According to the bank, it is prepared to wait until the bank's inflation target is attained before raising interest rates again. The aussie is flattening today around $0.7337, finding strong resistance at the 40-day simple moving average (SMA) around $0.7373.

Also, the kiwi and the loonie are losing momentum versus the dollar.

In other markets, gold prices are surging near $1,871/per ounce, posting a fresh five-month high, while oil prices are struggling to surpass the 20-day SMA at $82.54/per barrel.

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