Why US Retail Sales will Rock the Markets Friday

Stocks rebounded sharply on Friday but the muted price action in currencies suggest that FX traders are not convinced the selling is over. The U.S. dollar gave back a small portion of yesterday’s gains against the Japanese Yen, Swiss Franc and New Zealand dollar, but was virtually unchanged versus euro and Aussie. Sterling was the only currency to extend its losses versus the greenback on profit taking after the pair hit 2 month highs on Monday. It was a rollercoaster ride in the financial markets this week and volatility is not expected to subside tomorrow with the April U.S. retail sales report scheduled for … (full story)

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