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Retail Sales Put the Loonie and Pound in Focus COVID-19 Concerns Linger

The Day Ahead:

For the EUR

It’s another quiet day ahead on the economic calendar. Economic data is limited to Germany’s wholesale inflation figures for May, which are unlikely to have an impact on the EUR.

Following the recent uptick in new COVID-19 cases, weak economic data from the U.S added to the market angst. With Germany also seeing a recent spike in new cases, governments may become cautious in fully reopening.

Such an outcome would be EUR negative.

At the time of writing, the EUR was down by 0.04% to $1.1201.

For the Pound

It’s a busy day ahead on the economic calendar. May retail sales figures are due out of the UK later this morning.

Economists have forecasted a partial recovery from the tumble in April. Anything in line or worse than forecasts would likely weigh on the Pound.

While the numbers will influence, expect Brexit chatter to also provide direction.

At the time of writing, the Pound was down by 0.10% to $1.2412.

According to Trading Central (3rd party RIA) the GBPUSD short positions below 1.2450 with targets at 1.2400 & 1.2360 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10789111

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.2360
1€ 3,703.70€ 1,851.85€ 802.35
5€ 18,518.52€ 37,037.04€ 4,011.75
10€ 37,037.04€ 74,074.07€ 8,023.50
25€ 92,592.59€ 185,185.19€ 20,058.75
50€ 185,185.19€ 370,370.37€ 40,117.50



For the USD

It’s also a quiet day ahead on the U.S economic calendar. Key stats are limited to 1st quarter current account figures.

We don’t expect any influence from the numbers. That leaves the Dollar in the hands of market risk sentiment and COVID-19 on the day.

Late in the day, FED Chair Powell is speaking once more that could be a test for the bulls. Is there anything left for the FED Chair to add after Monday’s move and mid-week testimony?

According to Trading Central (3rd party RIA) the USDCHF short positions below 0.9650 with targets at 0.9375 & 0.9255 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10786957

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 0.9375
1€ 2,973.54€ 1,486.77€ 1,078.24
5€ 14,867.68€ 29,735.36€ 5,391.20
10€ 29,735.36€ 59,470.71€ 10,782.40
25€ 74,338.39€ 148,676.78€ 26,956.00
50€ 148,676.78€ 297,353.55€ 53,912.00

For the Loonie

It’s a busy day ahead on the economic calendar. April retail sales figures are due out later this afternoon.

While these are April figures, we can expect some influence on the Loonie.

Ultimately, however, market risk sentiment will be the key driver. As the week comes to a close, the U.S administration may look to change the narrative with another fiscal stimulus package.

It would need to be impressive to offset market angst over COVID-19 numbers, however…

At the time of writing, the Loonie was down by 0.10% to C$1.3613 against the U.S Dollar.

https://www.fxempire.com/news/article/retail-sales-put-the-loonie-and-pound-in-focus-covid-19-concerns-linger-656212

According to Trading Central (3rd party RIA) the EURCAD is short positions below 1.5277 with targets at 1.5150 & 1.5116 in extension.

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10788193

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.5116
1€ 3,333.33€ 1,666.67€ 878.50
5€ 16,666.67€ 33,333.33€ 4,392.52
10€ 33,333.33€ 66,666.67€ 8,785.04
25€ 83,333.33€ 166,666.67€ 21,962.60
50€ 166,666.67€ 333,333.33€ 43,925.20