The figures on American retail sales this afternoon led several traders to surge into the greenback immediately following the release as safe havens appear to be gaining appeal. The two reports on retail sales coincided with the release of the producer price index (PPI), however, which did give a mild indication of positive data.
The core report from retail sales highlights the crisis in the American market; mainly, that consumers are afraid to spend money. Combined with the nominal figure, the retail sales data becomes even more harrowing. The core report cited a 0.1% growth, but the nominal figure had 0% growth. Both appear to be feeding the bullishness of the greenback due to a heightened risk averse trading session.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
