By CountingPips.com
US retail sales increased for the sixth consecutive month in December although gaining by slightly less than expected, according to the monthly report by the US Commerce Department. The advance estimate of the US monthly retail sales showed that sales increased by 0.6 percent to total sales of $380.9 billion in December. The data was just behind the market expectations that were predicting a 0.8 percent rise for the month. November’s sales data was unrevised at an increase of 0.8 percent.
Core retail sales, excluding automobiles and parts, rose by 0.5 percent in December following a 1.0 percent increase in November. The economic forecasts were expecting a monthly core sales to rise by 0.7 percent.
Contributing to the higher sales level for December was a rise in automotive sales by 1.1 percent while building material, garden and supply stores increased by 2.0 percent for the month. Gasoline stations sales increased by 1.6 percent and nonstore retailers rose by 2.6 percent in December while health and personal care store sales rose by 1.6 percent.
US Dollar gains in Forex Markets, Stocks edge higher, Gold down sharply
The US dollar has been mostly stronger in the forex markets against the other major currencies since the start of the day. The American currency has been gaining ground so far versus the euro, Japanese yen, Swiss franc, Australian dollar, New Zealand dollar and the Canadian dollar while declining against the British pound sterling in today’s fx trading action.
The U.S. stock markets, meanwhile, have been modestly higher today with the Dow Jones increasing by over 20 points, the NASDAQ up by approximately 8 points and the S&P 500 rising by over 3 points in the middle of the US trading session.
Oil has edged lower by $0.46 to the $90.94 level while gold futures have decreased sharply by $29.90 to trade currently at the $1,357.00 level.