Lackluster Day

The US Dollar had another weak performance today, as retail sales numbers posted below estimates on factors ranging from bad weather to higher gasoline prices. A .1% print for the US Retail Sales report left many traders wondering if the Dollar is going to slip further. Among the many points of interest in the report, the housing sector was hard hit again, with building material sales dropping to a multi-month low, and furniture and electronics dropping 1.7 percent and 0.3 percent, respectively. From price range in the majors, it was clear to see that the market was in a range before the US data hit the wires. After the release, the Euro rallied up to the 1.3220 level, before the Greenback pushed back to close out the American sessions at 1.3191. The Pound had a weak gain off the US news, but lost it down the stretch and is currently trading at 1.9292. Last but not least, the Japanese Yen added to its advance, after the USD/JPY slipped below 117.25 on its way to 116.36.

David Hilgeman, XPRESSTRADE Analyst