When are US monthly retail sales figures and how could they affect EUR/USD?

US Monthly Retail Sales Overview

Wednesday's US economic docket highlights the release of monthly retail sales figures for November, scheduled later during the early North American session at 13:30 GMT. The headline sales are estimated to have risen by a seasonally adjusted 0.8% during the reported month as against 1.7% growth recorded in October. Excluding autos, core retail sales probably climbed by 1% in November from the previous month.

How Could it Affect EUR/USD?

Ahead of the consumer spending data, the US dollar remained well supported by growing market acceptance that the Fed would tighten its monetary policy sooner rather than later. A stronger print will reaffirm hawkish Fed expectations and trigger a fresh leg up for the greenback. Conversely, a softer reading could weigh on the greenback. That said, any immediate market reaction is more likely to be short-lived as investors might refrain from placing aggressive bets ahead of the crucial FOMC monetary policy decision.

Meanwhile, Eren Sengezer, Editor at FXStreet, outlined important technical levels to trade the EUR/USD pair: “Initial resistance aligns at 1.1280 (100-period SMA on the four-hour chart) ahead of 1.1300 (psychological level, 50-period SMA). Although the pair managed to rise above those hurdles on Tuesday, it made a sharp U-turn at 1.1320, suggesting that near-term resistance formed near that level.”

“On the downside, 1.1240 (static level) is the first support level followed by 1.1220 (static level) and 1.1200 (psychological level). A daily close below the latter with a hawkish Fed outcome could open the door for fresh 2021-lows at 1.1185,” Eren added further.

Key Notes

 •  US Retail Sales November Preview: The Fed looks to the consumer

 •  EUR/USD Forecast: Euro bears await hawkish Fed policy outlook

 •  EUR/USD: Close below 1.1180/70 on hawkish Fed to open up the 1.10 level – ING

About US Retail Sales

The Retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly per cent changes reflect the rate of changes in such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).