Canada: Retail Sales rise by 0.5% in December vs. 0.2% expected

Retail Sales in Canada increased at a stronger pace than expected in December.
USD/CAD pushes higher toward 1.3500 in the early American session.

Eren Sengezer FXStreet

Statistics Canada reported on Tuesday that Retail Sales rose by 0.5% on a monthly basis in December. This reading came in higher than the market expectation for an increase of 0.2%.

"Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 0.4%," Statistics Canada noted in its publication. "In volume terms, retail sales increased 1.3% in December."

Market reaction

Despite the upbeat data, USD/CAD trades in positive territory and edges higher toward 1.3500 in the early American session. Soft inflation figures from Canada seem to be weighing on the Canadian Dollar.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD recovers above 1.3450; Fed Minutes in focus

GBP/USD is recovering above 1.3450 in the European session on Wednesday. Traders await the Fed Minutes for fresh trading impetus as renewed Middle East tensions fail to offer any inspiration to the US Dollar.

EUR/USD stays well bid above 1.1400 on subdued US Dollar

EUR/USD holds ground above 1.1400 in the European session on Wednesday. The pair capitalizes on subdued US Dollar price action, as traders weigh the renewed US-Iran strikes ahead of the US Federal Reserve meeting Minutes.

Gold regains $4,100 despite Iran risks, ahead of Fed Minutes

Gold is fading in the tepid rebound above $4,100 early Wednesday, having reversed a part of the previous sell-off. Traders eagerly await the Minutes of the US Federal Reserve June monetary policy meeting, due later in the day, for fresh trading impetus.

Pi Network crashes to a record low amid broader market stress

Pi Network (PI) price edges toward $0.1000 extending losses for the fifth straight day. Retail sentiment remains bearish as Open Interest and the funding rate decline. The technical outlook for PI is bearish as selling pressure mounts, despite oversold conditions.

Bitcoin retreats as fresh US-Iran tensions dampen risk appetite

Bitcoin extends its correction, trading below $63,000 after failing to overcome the $64,000 resistance level. The renewed tensions in the Middle East have dampened risk appetite, weighing on BTC prices. Meanwhile, a sharp contraction in the stablecoin market in June signals reduced liquidity and weaker buying power in the crypto market.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.