Weaker retail sales/PPI sends the dollar lower
The numbers (and revisions) were lower for both the US retail sales and PPI and the dollar has moved lower on the initial reaction.
The EURUSD has moved above topside trend line resistance at the 1.14266 level Traders will be watching this level for close support now. The 1.435-65 becomes the next key topside target. This is the swing highs from Feb, May, June and Sept.
The USDJPY, needs to get and stay below the 119.34 level. The level is a channel trend line for the USDJPY.
The S&P futures are taking the data in stride with the Dec futures up 1.25 and the Nasdaq futures up 3.0. The bad news is good news as Fed off again? I have trouble with that given weak China too.
