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US August Retail Sales beat forecasts - USD/JPY lifts
The US August retail sales report has just been released. As noted earlier, the markets were looking for a lower reading last month, with a fall of 0.2% forecast, versus a 1% gain in July. Sales actually rose by 0.1%. Ahead of this data, the USD/JPY had been holding mostly above 140.50, after dropping back to an earlier European session low at 140.35. The dollar was trading around 140.75 just before this data hit the screens. It has immediately spiked towards 141 on the news. The price action remains frantic and sporadic though. In fact the USD/JPY has almost as quickly dropped back. It is currently trading at 140.95
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