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1:31 PM · 15 December 2022

BREAKING: USD deepens drop after US retail sales miss

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US retail sales report for November was released at 1:30 pm GMT today. Data turned out to be a disappointment with headline retail sales dropping 0.6% MoM, instead of 0.1% MoM expected by the market. Data excluding autos and gas also came in lower, while markets expected it to remain flat or come in slightly higher.

US retail sales report for November

  • Headline: -0.6% MoM vs -0.1% MoM expected (+1.3% MoM previously

  • Excluding autos: -0.2% MoM vs 0.1% MoM expected (+1.3% MoM previously)

  • Excluding autos and gas: -0.2% MoM vs 0.0% MoM expected (+0.9% MoM previously)

  • Control group: -0.2% MoM vs 0.1% MoM expected (+0.7% MoM previously)

USD deepened declines following the release, with EURUSD moving above 1.0650. US indices, like US500, jumped in a knee-jerk move but this gain was quickly erased. More hawkish than expected stance from Fed yesterday and ECB today continue to play leading role in the markets.

EURUSD at 5-minute interval. Source: xStation5

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