It turns out that the American consumer isn’t quite as healthy as many pundits believed. August retail sales came in at a 0.6% MoM increase versus 1.0% expectations, and July’s 1.2% spike was revised down to 0.9%. Congress could even take action…if the market tanks.
As expected USDJPY has now joined the robust list of factors showing a bearish 10/20 cross. All eyes now turn to the Fed. Can it save us from the horrors of a market which fails to rally every single day?
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