Forex Signals US Session Brief, September 11th – The Important Forex Numbers for the Week
Skerdian Meta • 3 min read
Today has been pretty quiet, and the economic data is not helping since it is non-existent. However, this week there are some important forex events on the schedule for the GBP and the USD. Let’s have a look at what’s coming up, and how it could affect the forex market.
This will be a very important week for the BOE and the GBP.
Decisive Week for GBP
Inflation on Tuesday
Wages in the UK
BOE Interest Rate Decision
Therefore, the risk remains to the upside for the GBP. If we see more than 1 vote to hike interest rates, then we might see a sustainable rally in GBP pairs, so keep an eye on the votes as well because they’re indicators of the near term future for the monetary policy and the GBP.
Forex Events for the USD
CPI and Unemployment Claims
Unemployment claims are predicted to stay around the same levels as last month, so I don’t see much reaction in the market from them.
The attention will be on the CPI report. CPI and core CPI have missed expectations every time in the last 5-6 months, although most of the time they have both remained in positive territory. This time the consensus is for a better reading which would take both these numbers away from the negative territory which is deflation.
If the numbers come as expected, then I expect the USD to find some decent bids. However, I wouldn’t stay long USD for too long because the U.S. retail sales will be up 24 hours later. If you get a decent amount of pips after the CPI, make sure to secure them and place SL in profit before Friday.
Retail and Core retail Sales
The retail sales have been another dovish indicator of the U.S. economy because they have missed expectation in the last four out of five months. In the last two previous months, both retail and core retail sales have dived into negative territory, but they climbed back last month.
Retail sales are remained to dive to 0.1% from 0.6% in the last month, but if the core retail sales remain unchanged at 0.5% as expected, then the dive in the headline retail sales number won’t have much impact in the market. So, we’ll keep a close eye on the core number that day.
I’m wrapping this U.S. session brief without any trade ideas because the forex market is pretty slow today without many trading opportunities, and the real economic numbers start flowing tomorrow. We just closed our NZD/USD signal for a 20 pip profit, so we already have two winning forex signals today. Let’s see how USD/JPY will progress from here.