Good retail sales figures boost US economy
The US dollar had an encouraging day yesterday, strengthening against the majority of most traded currencies thanks to much better than expected retail sales data being released. Core retails showed an increase of 0.7% when only a 0.4% rise had been anticipated, causing the US dollar to generally strengthen for the first time in four days, and did so by the most in four weeks against the Japanese yen, although it did fall against sterling. After words overnight from two members of the Federal Open Market Committee (FOMC), today’s main data point from the US will be the inflation data released in the form of the Producers’ Price Index this afternoon. A number of smaller releases, including the Empire State Manufacturing Index and the crude oil inventories, serve to supplement this figure throughout the latter stages of the day. Get in touch with your trader now for the latest US dollar rates, as it looks for some sustained support.