The U.S. dollar experienced one of its most bullish trading days in recent weeks on Thursday after a batch of U.S. data largely came in better-than-expected, reassuring investors that the U.S. economy continues to recover. The USD made significant gains against many of its most traded currency pairs, such as the JPY, GBP and CHF. The price of crude oil fell 2% to $89.40 yesterday, extending hefty losses from the previous session as rising stockpiles of U.S. crude outweighed positive economic data. Today, crude oil is set to be in the spotlight again with important publications from U.S. and Europe. Here is a roundup of today’s leading events: 9:00 GMT: German Ifo Business Climate It is a survey of about 7,000 businesses who are asked to rate their current business conditions, and their expectations for the next 6 months. If the end result will beat expectations for 110.50points, the Euro might strengthen as a result. 9:30 GMT: British Retail Sales This monthly report measures the change in the total value of sales at the retail level. This release will no doubt have a heavy effect on the value of the GBP. If the end result will be better than the forecast, the GBP might strengthen as a result. However, a disappointing result could send GBP/USD below the 1.5820 support level. Traders should make sure to protect their positions for GBP pairs today and expect sharp movements in the market.

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