US DOLLAR RETREATS ON EASING MIDDLE-EAST TENSIONS AHEAD OF RETAIL SALES DATA
- The US Dollar faces some selling pressure after the de-escalation of tensions in the Middle East.
- Traders brace for US Retail Sales data on Monday.
- The US Dollar Index falls below 106.00 and looks for nearby support.
The US Dollar (USD) retraces on Monday after a very strong week in which the Greenback seemed to be on steroids. Markets are breathing a sigh of relief after Iran carried out a well-communicated attack against Israel without significant casualties and issued a statement on Monday saying that it is not looking for further escalation of tensions in the Middle East. The easing of safe-haven demand triggers some inflow into risk assets, with equities firmly in the green in Europe and the US, and weighs on the US Dollar.
On the economic data front, traders will face some key data at the start of the week. The main event on Monday is the US Retail Sales report for March. As always, any negative print in the actual number or a revision for the previous data will push the Greenback lower. Traders are thus warned that the revised numbers will be as important as the actual numbers.
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