Retails sales ex auto and auto and gas miss

The retail sales data details were more weak with ex auto and gas showing most of the weakness. The PPI was perhaps a little higher ex food and energy.

The price action was initially lower in the USDJPY, followed by a short squeeze higher. The pair was moving lower before the number, and it can be disheartening for traders when the data comes in weaker (a little) and the momentum lower in the dollar does not materialize/continue. Hence the squeeze back up.

We are seeing a move back toward the earlier floor at the 114.53 as I type (see chart above). It is also the midpoint of the move since the report. Choppy action, but it is a Friday.

PS Monday is a US holiday. That may take some action away from the market. Also...Mike tells me the white stuff (and cold temps) have London all out of sorts. All of which may have an impact of trader liquidity - just because. is Friday the 13th too....