Tue, 15 May 2012 00:00:00 +0200
US Retail Sales Data Set to Generate Volatility
The US dollar saw significant gains against its higher-yielding currency rivals yesterday, as investor concerns regarding the political situation in Greece and Germany led to risk aversion in the marketplace. In addition to the EUR/USD dropping to a four-month low, the greenback also extended its recent gains against the Australian and New Zealand dollars. The AUD/USD fell below the 1.0000 level for the first time since last December during the early morning session. The pair fell as low as 0.9961 before stabilizing. The NZD/USD tumbled close to 60 pips, reaching as low as 0.7763 before staging a slight upward correction during the afternoon session. Turning to today, USD traders will want to pay attention to the results of the US Retail Sales and Core Retail Sales figures, scheduled to be released at 12:30 GMT. Both indicators are forecasted to come in significantly below last month's figures, which if true, may lead to investor concerns that the US economic recovery is slowing down and cause the dollar to fall against the Japanese yen. At the same time, with the euro-zone political and economic situation still dominating the news, the dollar may be able to extend its gains against the euro during today's trading session.
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