Today is expected to be a day with high volatility and a large number of macroeconomic reports, which will be mainly on industrial production output, retail sales, and business activity.
The day began traditionally, with news from Australia, where investors expected data on the employment market. As it became known, the situation in the labor market in July improved and had a positive impact on the cost of the AUD. Despite the fact that employment remained at 5.2%, the number of jobs increased by 41.1 thousand, exceeding forecasts 3 times.
From Europe, today we have only data from Britain. Recent reports surprised investors with positive data on the growth of retail sales, which grew in July more than expected - by 3.3%.
In the afternoon, a series of macroeconomic reports from the US is expected: the retail sales index, data on retail sales, industrial production output, as well as the index of production activity from the Philadelphia Federal reserve. Also, the market will receive data on the number of applications for unemployment benefits. So, the USD has a chance to strengthen against the major currencies today.
The situation on the commodity market is unchanged today: gold is growing in price, reaching the level of $1,520, and oil is becoming cheaper amid investors' fears of a recession in the global economy and the growth of oil reserves in the US.
