The greenback was mixed in the New York session as the US equity bourses dipped into negative territory in morning trading. With earnings season kicking off in earnest this week, the equity market is seen setting the tone for foreign exchange movements, as traders will likely push the dollar and yen higher on any dips in stocks. The financial sector will dominate the headlines as key earnings reports are due out from Goldman Sachs (Tuesday), JP Morgan Chase (Thursday), Citigroup and Bank of America (Friday). Recent US economic reports have raised doubts over an imminent US economic recovery, thereby prompting a pullback in stocks and shifting the focus to corporate earnings. As a result, the greenback has continued to benefit from heightened risk aversion and will likely remained locked in a range over the coming weeks amid patchy US data. The calendar for the coming week consist of June retail sales, PPI, real earnings, CPI, NY Fed manufacturing, industrial production, weekly jobless claims, July Philadelphia Fed manufacturing survey, June housing starts, building permits, and the July NAHB housing market index. The headline retail sales figure is estimated to slip to 0.4% in June, versus 0.5% from May, while the core retail sales reading is estimated to remain unchanged at 0.5%. This article contains the following sections:
Euro Edges Higher
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