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Reviews Columnist Reviews

Thursday May 12, 07:57
Dollar on sound US retail sales
(by Julia Jenson)

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Dollar on sound US retail sales The dollar is treading near its 2005 highs against the euro and rises against the yen on expectations of a sharp rise in U.S. retail sales in April. Robust retail sales increase the probability of the hike in the US Fed funds rate at the next policy-setting meeting. The other pieces of good news include a larger-than-expected surge in employment numbers and an unexpected decline in US current account gap. The US employers hired 274,000 workers in April, which was 100,000 more than what analysts expected.

``We see potential for a better retail sales number today than most people are expecting and that could give the dollar some upward momentum,’’ said Stuart Ritson, a currency strategist at Rabobank Groep in London. ``There’s not much to stand in the way of the Fed continuing to raise interest rates.’’

The US dollar has already recovered from the havoc caused in the forex markets by an inaccurate translation of an article in People’s Daily, a Chinese government edition. The musings of a Chinese journalists were distorted and made to sound as if the revaluation by 1.26% in a month and 6.03% in six months was a sure thing. The misunderstanding that caused traders massive losses was finally cleared up.
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