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Global macro overview for 13/08/2015

Global macro overview for 13/08/2015:

Another fundamental data from the US confirmed that its sluggish economic recovery might have come to an end. Today's retail sales number came in line with expectations at the level of 0.6% vs. 0% prior. Moreover, the unemployment claims have beaten the expectations slightly with a rise of 274K jobs vs. 272K expected, 269K prior. With this kind of the data, the September rate hike might still be on table; however, the remaining issue of 2% inflation target is still viewed as the main obstacle for the Fed.

The EUR/USD pair has broken above the golden trendline and it is currently trading just shy of the resistance at the level of 1.1129 after it was rejected at another important resistance at the level of 1.1215. As long as there is no further breakout below the golden tren line again, the bias remains slightly bullish for the near term.

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