Thursday’s calendar is filled to the brim with the macroeconomic data, which are distributed regularly throughout the day. At night we had known a very weak reading of Japan retail sales in August. It was -2.1% instead of -0.2% last time. The retail sales forecast for August were -1.8%.

After such poor data from Japan, the Japanese yen declined and such pairs like USDJPY or EURJPY strengthened significantly. The pairs knocked out the last days consolidation with strong impulses.

What are we waiting for?

14:00 German CPI
14:30 GDP (QoQ – Q2)
16:00 Pending Home Sales (MoM)
22:00 Fed Chair Yellen Speaks