Forex News – USDJPY tumbles after disappointing US Retail Sales
September 13, 2013 1:36 pm
The U.S. retail sales report for August was released today, showing a less than expected increase from July and the weakest gain in four months.
According to the BLS report, growth in retail sales was a little softer with the headline number up only by 0.2 percent, compared to July’s 0.4 percent and lower than the 0.5 percent forecast.
Meanwhile Core Retail sales, which excludes autos sales, rose by a mere 0.1 percent, which was less than the 0.3 percent expected, and lower than the previous month’s 0.6 percent growth.
Cars and light trucks contributed to the increase in overall retail sales but sales of building supplies were down.
Despite the weaker numbers today, many analysts do not think this will change the Fed’s tapering trajectory whatsoever.
The dollar was sold off in a knee jerk reaction immediately after the data at 8:30 am New York time, with USDJPY dropping sharply from a pre-data level of 99.57 down to 99.35 yen within a few minutes.
The U.S. retail sales report for August was released today, showing a less than expected increase from July and the weakest gain in four months.
According to the BLS report, growth in retail sales was a little softer with the headline number up only by 0.2 percent, compared to July’s 0.4 percent and lower than the 0.5 percent forecast.
Meanwhile Core Retail sales, which excludes autos sales, rose by a mere 0.1 percent, which was less than the 0.3 percent expected, and lower than the previous month’s 0.6 percent growth.
Cars and light trucks contributed to the increase in overall retail sales but sales of building supplies were down.
Despite the weaker numbers today, many analysts do not think this will change the Fed’s tapering trajectory whatsoever.
The dollar was sold off in a knee jerk reaction immediately after the data at 8:30 am New York time, with USDJPY dropping sharply from a pre-data level of 99.57 down to 99.35 yen within a few minutes.
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