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Weak US Advanced Retail Sales Data causes Dollar Decline

Weak US Advanced Retail Sales Data causes Dollar Decline

Christopher Vecchio, Currency Strategist, Yash Gandhi,

Talking Points:

  • US Advanced Retail Sales has a weak report for June
  • Advanced Retail Sales comes with a downward revision to May’s figure
  • USDJPY depreciates at weak US data trading at ¥123.064 at the time of writing

June US Advance Retail Sales came in -0.6% lower than analyst expectations. The June figure showed -0.3% compared to a Bloomberg economist prediction on 0.3%. May’s US Advanced Retail Sales contained a downward revision from 1.2% to 1.0%. Overall, retail data for the US was weak in the month of June and caused an immediate decline in dollar strength.

Here’s a summary of retail data this morning that contributed to USDJPY decline:

Weak US Advanced Retail Sales Data causes Dollar Decline

See the DailyFX economic calendar for major economic event risk

Weak US Advanced Retail Sales Data causes Dollar Decline

USDJPY fell to a fresh daily low on the back of the weak US Advanced Retail Sales data trading at ¥ 122.910 before finding support. Prior to the release of the data, the pair was trading at ¥123.252. At the time, this report was written the pair had stemmed its losses and was trading at ¥ 123.092.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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