US Retail Sales cause major market move

Source: Dukascopy Bank SA


On Thursday, at 12:30 GMT, the US monthly Retail Sales and Core Retail Sales data caused a major market move. The released data was much higher than expected, which boosted the value of the US Dollar by as much as 0.65% during the 45 minutes after the release.

The Retail Sales were expected to show an increase of 0.4%. Actual released data revealed 1.0% growth. Meanwhile, the core reading, which excludes automobile sales, revealed an increase of 0.4% instead of forecast 0.1%.

In general, the data indicates that the US economy is doing well and high demand for goods might continue to pressure prices upwards and cause inflation. This in return signals that the US Federal Reserve does not need to cut interest rates, as is expected by market participants. Due to this reason, the USD adjusted in value to the upside.
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