Dollar and Yen pause their advance ahead of economic data

Dollar returned some of its gains against major currencies ahead of the U.S retail sales report due to be later today ( 1:30 GMT: expected -1.2%, previous -1.8%).  This is basically a measure for consumer spending, a sharp drop shouldn’t be good for the dollar in the short term trading range.

The attention of traders is also set on the ECB interest rate decision due tomorrow – the ECB is then expected to slash interest rates by 0.5%.

EURUSD- corrected above 1.33 on early trading, but immediate selling pressure took the pair  back under.  First resistance area is 1.3320.

USDJPY- is trading under 90 for the last few days. Any sign that may indicate Japanese intervention in the Forex market should stimulate major Yen selling, opening good buy opportunities on USDJPY and AUDJPY – its worth paying attention to developments is the Japanese financial arena every time USDJPY is trading under 90.

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