US dollar jumps after US retail sales data

October 29, 2013

The US dollar gained strength in the European session, boosted further by stronger-than-forecast core retail sales data from the US for the month of September.

Core retail sales jumped 0.4 percent from 0.1 percent in August, which was in line with expectations.

The core figure excludes autos, which can distort the underlying trend in over sales in the retail sector, which is why this number is more important. The headline number actually dropped by 0.1 percent.

USDJPY jumped after the US retail sales data, to hit a high of 97.97, gaining 0.3 percent in the session. More data from the US is due for release later today and could push the dollar higher. Focus will turn to data on the Conference Board consumer confidence and Case-Shiller house prices.

EURJPY moved higher to peak at 134.87, up 0.2 percent in the European session.

The dollar gained against the euro, with EURUSD sliding to lows of $1.3753.

GBPUSD edged lower to $1.6063. There was no reaction to stronger UK lending data.

Meanwhile, the main risk event for the US dollar will be the FOMC policy announcement tomorrow. The Federal Reserve is expected to keep its stimulus measures unchanged.

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