US dollar trades higher following retail sales

Summary:

• May retail sales more or less in line with expectations
• Substantial revisions to the previous month numbers
• US dollar tries to push higher against the euro

US headline retail sales increased 0.5% MoM in May, slightly below expectations suggesting a 0.6% MoM increase. On the other hand, core retail sales (ex. Autos and gasoline) rose 0.5%, beating the consensus of a 0.4% rise. Finally, we got a decent increase in case of sales in a control group, a series taken into GDP calculations, as it jumped 0.5% vs. 0.4% expected. In addition to May’s numbers we were also offered substantial revisions to the April’s report: headline sales to 0.3% from -0.2%, core sales saw the same revision, sales in a control group were revised down to 0.4% from 1.1%. The report seems to be quite good especially when we take into account a series of latest disappointments.

The EURUSD is trying to break below the important technical level following the data. Source: xStation5