16 August 2023, EUR/USD
EURUSD trading plan:
U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. The report from the Commerce Department on Tuesday also showed consumers splurging on hobbies, sporting goods and clothing, underscoring their resilience despite the Federal Reserve's aggressive interest rate hikes to tame inflation. Demand is being underpinned by strong wage gains from a tight labor market. Though consumer spending continues to show signs of persistent strength, economists did not expect the Fed to raise rates next month, with inflation retreating. The government last week reported that consumer prices rose moderately in July, with underlying inflation or the so-called core inflation slowing further.
Investment idea: sell 1.0950 and take profit 1.0860.
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