Global macro overview for 18/01/2016:
The retails sales data from the US that was published last Friday showed a contraction in American shoppers appetites. According to the Commerce Department, retail sales declined 0.1% compared to the previous month to a seasonally adjusted $448.1 billion in December. Moreover, retail sales increased 0.4% and grew 2.1% compared to year earlier, making it the slowest increase in six years. On the other hand, the producer price index declined in December to the level of 0.2%. It fell by - 0.1% with no food and energy prices counted. This is the 11th consecutive decline and it is nowhere near the 2% inflation target projected by the Fed in their monetary policy statement.
The EUR/USD pair bounced from the intraday trend line and is currently trading just above the technical support at the level of 1.0874.
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