An increase of 0.7% month-on-month is expected in overall retail sales after two straight months of declines.
The EUR/USD pair was floating slightly to the upside early on Tuesday ahead of key data. Traders are now eyeing the latest retail sales figure that will offer a glimpse into the consumer sentiment amid cooling price pressures. The monthly report will be published later today.
Ahead of the release, the EUR/USD was exchanging for around $1.0880, or just over 10 pips in the green for the day. On Monday, the currency pair struggled to take off but still managed to close the day with gains after two strong days for the US dollar.
Analysts forecast that the Census Bureau will come up with a positive 0.7% growth in overall retail sales. If so, the report will break two months in a row of negative performance. Whatever the number, it will likely have a pronounced impact over the volatility of the EUR/USD pair.
