Zak Mir, technical analyst for ShareProphets.com, headed the Tip TV Finance Show today and was joined by Mike Ingram, Strategist for BGC Partners, to discuss the potential for a USD rally in the week ahead, as well as the fall in Wall Street yesterday and a brief stock outlook.
Another USD rally heading into weekend?
Mir highlighted FX Street, who noted that US retail sales are expected to be 0.3% over the previous 0.1%, with ex-Auto and Gas is expected to be 0.4% from 0.0%. They continued that a positive headline figure would be enough to keep the USD strong heading into the weekend. However, a contraction in retail sales could trigger a broad based USD weakness. Ingram added that with Draghi talking down the Euro at every opportunity, the Yen set to weaken, and the BoE pushing a UK rate hike back towards 2017, the USD has to go higher.
US economy only strong relatively
Ingram outlined that with the global economy currently weak, the US economy is only relatively strong. He believed this was shown yesterday by the dip in Wall Street, which was led by commodities but was broad based.
To see technical analysis on stocks including AudioBoom and SML, watch the video.
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