18 October 2023, EUR/USD
EURUSD trading plan:
U.S. retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated in the third quarter. "The economy looks like it is getting used to the new normal of interest rates being higher for longer because shoppers are not taking a break that's for sure. Consumers are increasingly relying on credit cards to fund purchases. Millions of Americans resumed payments on student loans in October, which economists estimated was equal to roughly $70 billion, or around 0.3% of disposable personal income. Nevertheless, consumer spending continues to be driven by a tight labor market, with the economy creating 336,000 jobs in September. Excess savings accumulated during the COVID-19 pandemic remain higher than previously estimated.
Investment idea: sell 1.0590 and take profit 1.0500.
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