Canadian Retail Sales increase 0.1% in July. US Dollar drops in forex trading. | CountingPips Forex Blog

September 22, 2008 - Forex Economic News

Canadian Retail Sales increase 0.1% in July. US Dollar drops in forex trading.

Canadian Retail Sales increased in July according to a report by Statistics Canada released today. July retail sales increased by 0.1 percent to C$36.0 billion and followed a revised increase of 0.6 percent in June. The rise in Retail sales was slightly less than anticipated by economic forecasts which had expected an increase in the sales numbers by 0.2 percent.

Forex Market News Providing a positive contribution to the retail sales numbers were increases in the furniture, home furnishings and electronics stores as well as building and outdoor home supplies stores. Sales in the automotive sector provided the biggest negative contributor to the months sales as the automotive sector registered a 0.6 percent fall in July.

Core retail sales or sales minus automobiles increased in July by 0.4 percent which equaled market forecasts predicting a 0.4 percent increase. Core retail sales in June showed a revised increase of 1.5 percent.

US Dollar falls in forex trading.

Forex market trading today has seen the U.S. dollar losing ground against all the major currencies as the Wall Street banking crisis continues to weigh on the dollar. The euro has climbed to its highest level verses the dollar in almost a month as it is trading at almost 1.4800 dollars per euro today after ending last week at the exchange rate of 1.4466. The British pound also has jumped verses the dollar today as the GBP/USD pair is trading at approximately 1.8580 and more than 200 pips higher than last week's close at 1.8312 dollars per pound. The dollar has fallen verses the Japanese yen to trade below 106.00 today while also losing ground to the Canadian dollar(trading below 1.0350) and the Swiss franc(trading below 1.0800). The Australian dollar and New Zealand dollar have also gained against the American currency as the AUD/USD pair is approaching the 0.8500 level for the first time in almost three weeks and the NZD/USD pair trading at 0.6936 after closing last week with an exchange rate of 0.6883.

EUR/USD Chart - The Euro gains vs. the dollar today in forex trading as the Wall Street banking crisis weighs on the American currency(4Hour Chart).

Today's Forex Chart

tags: cad, retail sales, canada, usd, forex trading, market

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