020 7898 0500The US dollar strengthened on Wednesday, despite the underperforming retails sales data; sales fell to -0.3% from 0.0% the previous month, missing the expected figure of 0.1%. This was partly attributed to poor automobile sales, but even with this figure stripped out, the figure still fell 0.2% short of an expected 0.4% rise. The US dollar rose to a two week high against the euro and strengthened marginally against sterling, thanks to the news that China had achieved stronger economic growth, which may allow the Federal Reserve to raise rates again. Recovery in the oil market has contributed to this positive tone.
Thursday sees the release of a host of Consumer Price Index (CPI) and Jobless Claims figures, but the focus will surely be on the speeches of Federal Reserve member Lockhart and Federal Open Market Committee member Powell to see if there is any further clarity on rate hikes and the robustness of the US economy.
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