On Wednesday, the US Census Bureau is scheduled to report the monthly change in retail sales, which is going to manifest the extent of the coronavirus fallout and its impact on the American retail sector.
In February the recorded retail sales contracted by 0.50 per cent on a monthly basis. The trend is anticipated to have continued in March as well because the consensus forecasts project another substantial collapse of 8.0 per cent.
US Retail Sales. Image source: TradingEconomics.com
Such a scenario would illustrate the initial magnitude of lost sales that the American economy would have registered since the country went on lockdown.
Ultimately, the findings of Wednesday’s report would likely put additional pressure on the US government to thwart further economic shocks as much as possible.
Such a deterioration in retail sales is also going to affect the dollar negatively, as it would signify a considerable worsening of the US price stability.
Potentially, the findings of the report could discourage foreign investors from seeking the greenback as a safe-haven during the current crisis.
Such developments would support the EURUSD, which has recently attempted but failed to break out above the 38.2 per cent Fibonacci retracement level at 1.09644, which is serving as a resistance level.
EURUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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