US retail sales create a stir
News reports show US retail sales are less than expected but should not be looked down upon too harshly.
There are signs of life for retail sales in the United States; however they are just under market expectations. In the month of May, retail sales increased 0.5% which is just under the 0.6% increase the market had been anticipating. The increase in May, even though it did not reach market expectations, is a positive sign for the US compared to that of April's 0.2% decrease in retail sales.
The recent retail sales news has made instant impact on the exchange rates correlating to the sterling and euro. The euro exchange rate slumped to a daily low of USD1.3944 and the sterling to USD1.6385.
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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.