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The US Dollar steadies ahead of US Retail Sales data for December on Thursday. Markets see yields collapse, with rate-cut expectations taking over.  The US Dollar Index (DXY) holds around 109.00 but could dip further if US yields sink even more.  The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, halts this week’s correction and stabilizes around the 109.00 level on Thursday. This week’s poor performance is fully due to the decline in US yields. For example, the US 10-year benchmark fell 2.5% in just one trading day due to mixed US Consumer Price Index (CPI) numbers, which could have been seen as disinflationary. In case US yields surge again, the Greenback could head back to 110.00 and higher.  This Thursday’s economic calendar is filled with interesting data points. First and foremost is the US Retail Sales number for December, followed by the weekly Initial Jobless Claims. Later in the day, the National Association of Home Builders (NAHB) Housing Market Index for January could also become interesting.  Daily digest market movers: Retail Sales to set the record straight? At 13:30 GMT, the US Retail Sales and the weekly Jobless Claims will be released: The monthly Retail Sales are expected to increase by  0.6% in December, compared to 0.7% the previous month. As always, the revisions will be more market-moving than the actual release. Initial Jobless Claims for the week ending January 10 are expected to tick up to 210,000 from 201,000 in the previous week.  The Philadelphia Fed Manufacturing Survey for January is also due in that same time slot. Expectations are for a smaller contraction of -5 compared to the previous -16.4. At 15:00, the NAHB Housing Market Index for January will be released. The expectation is that it will tick down to 45,…

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Filed under: News - @ January 16, 2025 1:24 pm