Forex News
June 13, 2013 @ 7:30 pm

Dollar rebounds versus yen after strong US retail sales

The dollar rebounded against the yen after good US jobs related data and retail sales numbers on Thursday.

A report released by the US Department of Labor showed initial jobless claims applications in the week ending June 8 fell by 12,000 to a seasonally adjusted 334,000, compared to expectations for a decline of 1,000 to 345,000.

Other data showed that retail sales rose by a seasonally adjusted 0.6 percent in May, beating expectations for a 0.4 percent increase, after rising by 0.1 percent in April.

The better sales numbers gave hope that this will correlate to stronger economic growth over time. Consumer spending accounts for as much as 70 percent of US economic growth.

Core retail sales, excluding automobile sales, rose by a seasonally adjusted 0.3 percent in May, in line with expectations.

The upbeat data added to ongoing speculation over whether the Federal Reserve will begin to unwind its easing program in the coming months.

USDJPY rose to 95.10 in late US session trading, moving off lows of 93.80 yen reached earlier on Thursday.
Meanwhile, gold prices fell by as much as 0.9 percent earlier in the session to hit a daily low of $1,379.45 a troy ounce.

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