17.02.2021: USD supported by robust consumer activity (DJIA, USDX, USD/CAD)

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Futures on the US stock indices are wavering between minor gains and dips. The US dollar is advancing across the board due to fears about rising inflation. The Canadian dollar is losing ground against the greenback.
The Dow Jones inched down by 0.07%. The Nasdaq dropped 0.23%. The S&P 500 slipped 0.09%. Earlier today, the Dow Jones and the S&P 500 were trading higher.
Today market participants prefer to play safe awaiting economic data from the US.
Unexpectedly, retail sales logged a surge in consumer activity in January after a weak December. The actual score jumped by 5.3% on month, much stronger than the expected 1.1% growth.
Later today, investors will find out data on US industrial production for January. Experts project industrial output to have moderated its growth to 0.5% on month from a 1.6% climb in December.
In the early European session, the US dollar perked up amid rising yields of the US benchmark 10-year Treasuries which hit a one-year high on Tuesday evening. Strong yields come from investors’ confidence in a rapid economic recovery and accelerating inflation. In response to the publication of the better-than-expected retail sales, the US dollar asserted strength against major currencies. Its index shot above the milestone level of 91.00.
Later tonight, traders will get to know the minutes of the latest policy meeting of the Federal Reserve. At the first policy meeting of the year, the central bank decided to maintain the official funds rate unchanged at 0 – 0.25%. Analysts share the optimistic outlook for the US recovery prospects. Mass vaccination is gaining traction, thus dwindling daily rates of new coronavirus cases. On top of that, US lawmakers are about to pass a relief package of an unprecedented scale.

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