Market Update for June 11

Today is all about US  and Canada data. Here's what we have on deck:

08:30 EDT Core Retail Sales. Forecast is for an increase of 0.7% month-over-month.
08:30 EDT Retail Sales. Forecast is for an increase of 1.1% month-over-month.
08:30 EDT Initial Jobless Claims. Forecast is for 277k.
08:30 EDT Canada New Housing Price Index. Forecast is for an 0.1% increase month-over-month.
10:00 EDT US Business Inventories. Forecast is for an increase of 0.2% month-over-month.
10:30 EDT Natural Gas inventory data. Forecast is for a storage build of 112B.
11:15 EDT Bank of Canada Gov Poloz speaks.
13:00 EDT US 30-year Treasury Bond auction

In the forex markets, trading in the EUR/USD cross remains a bull/bear battle. It seems that no matter which side of the trade you take, as long as you stay in, the trade will make you money. For the past 3 days the cross has been stuck between 1.12 and 1.1350. US retail sales data could be the catalyst that the cross needs. This week traders have been watching the Greek headlines and yields on German Bunds for direction.

In terms of the Japanese Yen, the comments from Kuroda lead me to believe that the great bear run in the Japanese Yen is over. I'll be looking for trade setups to go long the yen against the dollar.

That's all for now. I'll be waiting until 08:30 EDT when retail sales data comes out to trade. Most likely I'll be trading the EUR/USD unless I see a trade setup in another cross.

As always, good luck and happy trading!