• U.S. Reports Stellar Retail Sales
  • U.S. Reports Stellar Retail Sales

    David Sumner | 09:20 | 14/03/13
    The U.S. Dollar traded at a three-month high versus the Euro after reports showed that U.S. retail sales rose the most in five months in February, thereby ...

The U.S. Dollar traded at a three-month high versus the Euro after reports showed that U.S. retail sales rose the most in five months in February, thereby improving the outlook for the world’s biggest economy.
The Euro declined after Italian borrowing costs rose during yesterday’s auction. Italy sold 3.32 billion Euros worth of bonds at 2.48% rather than at 2.30%. The shared currency also weakened against the Swiss Franc as money market investors speculated that the Swiss National Bank may implement measures to stem deflation and bolster growth.
The Yen rallied against the majority of its foreign exchange peers as the country’s biggest opposition party hinted that it would vote against the nominee for Deputy Governor, Kikuo Iwata, a candidate who supports further monetary easing.
Other Forex news indicated that the British Pound advanced the most in two weeks versus the Euro on wagers the currency’s 6.5% decline was excessive. Investors believe the government may not implement further austerity measures when it meets to discuss the budget next week. The Sterling gained against the majority of its peers and snapped a week’s drop against the greenback after an indicator of its relative strength fell to the lowest level since November of 2008.
In the South Pacific, the New Zealand Dollar slipped against most of its counterparts on the possibility the ongoing drought will have a negative impact on the economy and will support the case for the central bank to leave the interest rate at a record low.

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