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Weak US Advanced Retail Sales Data causes Dollar Decline

Weak US Advanced Retail Sales Data causes Dollar Decline

Christopher Vecchio, CFA, 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:

See the DailyFX economic calendar for major economic event risk

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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