Forex news for North American trade on March 14, 2018:
- US February retail sales -0.1% vs +0.3% expected
- Larry Kudlow says he has accepted post as White House economic adviser
- UK expels 23 Russian diplomats, gives them one week to leave
- US February PPI mm 0.2 % vs 0.1% expected
- Teranet/National Bank HPI for February -0.1% vs. 0.3% last
- Italy's Salvini says he's open to all possibilities to form government except Democratic Party
- US weekly oil inventories +5022K vs +2500K expected
- JPMorgan lowers US Q1 GDP estimate to 2.0% from 2.5% after retail sales
- US January business inventories +0.6% vs +0.6% expected
- OPEC raises 2018 non-OPEC supply estimates
Markets:
- Gold flat at $1325
- WTI crude up 17-cents to $60.89
- S&P 500 down 13 points to 2752
- US 10-year yields down 3 bps to 2.81%
- JPY leads, EUR lags
US retail sales numbers were lower for the third consecutive month in February in a disappointing print for the US dollar. It fell to the worst levels of the day immediately after the report but it was a mixed bag from there.
USD/JPY came under pressure on retail sales and risk aversion added to the theme as it dipped down to a four-day low of 106.07 before an afternoon bounce to 106.25.
EUR/USD hit a US high of 1.2398 after retail sales but it was a peak and reversal as it slipped to 1.2348 and made a minor double bottom there before bouncing to 1.2375. On the day, the pair is slated to finish roughly flat.
Cable came under some pressure into the London fix as it slipped down to 1.3925 but found its legs there and rebounded to 1.3970 in a day of back-and-forth trading.
USD/CAD didn't do much of anything as it circled 1.2950 in a day of consolidation after yesterday's big rally.
AUD/USD was strong early in US trading and peaked at 0.7916 just after retail sales before turning around and slipping to 0.7882.
