US Retail Sales continue rising in July – trigger USD

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The volume of retail sales in July rose by 0.2% as expected. Core sales rose by 0.5%. They were expected to advance at 0.4%. In addition, the US released import prices, that carried predictions of rising by 0.9% but they rose by only 0.2%.

The US dollar was somewhat stronger against the euro, with EUR/USD under 1.33. It made big gains against the falling yen, with USD/JPY holding above 98. And now, the USD is rising, with EUR/USD falling to 1.3262. USD/JPY is at 98.18. The rise of the dollar is more evident against the euro.

Previous sales figures were revised to the upside: the headline number for June was upgraded to a rise of 0.6% from +0.4% originally reported. Core sales for June are now +0.1% instead of flat.

Consumption is the major part of the US economy. While this figure isn’t directly job related, it still carries weight in markets.

It seems that the markets were not really looking at the actual result, but just waiting to have the data out of the way to extend the trend of the week: a stronger dollar.

Further reading: Septaper is a close call both for markets and the Fed

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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