On Tuesday during the North American session, the U.S. Commerce Department's released February retail sales data. The data showed February US retail sales dropped by 3% following revised data showing a rise of 7.6% in January and lower than the -0.5% decline forecast.
Wall Street ended slightly lower on Tuesday, the US indices retreated from the fresh session highs following the weaker-than-expected retail sales and industrial production data.
Crude oil price selling pressure continues on Wednesday despite better-than-expected API inventory data. The data showed the US crude inventories unexpectedly fell 1 million barrels in the week to March 12th.
In the currency market, the Dollar Index trading unchanged on Wednesday ahead of the FED latest policy decision and Chair Powell conference. The dollar expected to be extra volatile during the Fed chair Powell speech especially when he will talk about the recent rise in Treasury yields and inflation expectations.
The safe-haven metal trading steady on Wednesday. During the previous session, the metal rose to fresh weekly highs but retreated back to lower after it failed to break above the $1740 area.
On the data front, Japan's exports fell 4.5% in February from a year earlier, compared with a 0.8% decrease expected. On the other hand, the consumer price inflation rate in the Euro Area rose 0.9% year-on-year, the same rate as in January.
Moving ahead today, the important events to watch:
US – Building permits: GMT – 12.30
CANADA – Consumer price Index: GMT – 12.30
US – EIA Crude oil inventories: GMT – 14.30
US – FOMC Interest rate decision and statement: GMT – 18.00
Worldwide, more than 120 million people have been confirmed infected and more than 2.66 million have died. The United States has confirmed over 29.5 million cases and has had more than 536,826 deaths from COVID-19, the highest totals in the world.
Dollar Index: The greenback retreated from the previous session highs and trading near to the support area of $91.80/70.
The important levels to watch for today: Support- 91.70 and 91.40 Resistance- 92 and 92.30.
GOLD: The yellow metal retreated from the previous session high of $1740, any break above this level the short-term upside levels to watch $1744 and $1750. On the downside, the immediate support at $1720 and $1708.
The important levels to watch for today: Support- 1728 and 1720 Resistance- 1740 and 1748.
Quote of the day: As a trader, you often walk on the blade. Be careful and don’t step off- Marc Rich
Read more- https://gulfbrokers.com/en/daily-market-report-266