© Reuters.
Investing.com – There are now a number of important data releases that could form, as the US retail sales data and the Empire State Manufacturing Index have been released, which could cause some volatility in the markets over the next few moments.
Moments after the data was issued, it consolidated its losses, while it reduced its losses and turned upward now.
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The Empire State Industry Index recorded -19.00 points, while expectations were for a reading of -1.00 points, and the previous reading was at 1.10 points.
The Empire State Industry Index measures the economic health of the manufacturing sector by surveying nearly 200 manufacturers in New York State.
If the index records a reading above 0, it indicates an improvement in conditions, while below 0, it indicates a deterioration in conditions. Whereas, readings higher than expected should be understood as positive for the US dollar, while readings lower than expected should be understood as negative for it.
On the other hand, it recorded 1%, while experts expected -0.3%, and the previous reading recorded 0.2%.
As for it, it recorded 3.17%, and the last recorded rate was 1.49%, but it was revised to 1.59%, and expectations indicated an increase of 1.50%.
At the same time, it recorded an increase of 0.7%, while experts had expected it to register 0.4%, while it recorded 0.2% in the previous reading, but it was revised to 0.3%.
This indicator determines the value of sales at the retail level. Currency traders keep a close eye on the retail sales report, as it is one of the first indicators of consumer behavior published in the month, so the market is sensitive to any surprises from this report. The upward trend has a positive effect on the country’s currency, as retail sales make up a large part of consumption, which is the main driver of the economy and also has a significant impact on GDP.
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Gold and the dollar immediately after the release of the data
It fell by 0.65% to $1,931 an ounce.
While spot contracts fell by 0.4% to $1898 an ounce.
On the other hand, the dollar index rose by 0.05% to 103.095 points.
2023-08-15 12:33:00
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