HiFX: Foreign Exchange Specialists

• Headlines

May 13, 2008

Retail sales in the U.S. excluding the autos component rose 0.5 percent in April, more than doubling market forecasts.  The increase in the ex-auto retail sales were positive for the U.S. dollar as it shows that despite rising energy bills and deteriorating labor markets consumers are continuing to spend.  This now increases the expectations that the government stimulus package organized by George W. Bush will make its way back into the economy and help to promote growth.  As such U.S. dollar ticked up 0.5% against a basket of currencies.