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Strong Beat For US Retail Sales Provides Fresh Impetus For USD Bulls

USD
  • Total US retail sales increased 0.72% M/M (cons 0.4) in Mar after an upward revised 0.94% (initial 0.6) in Feb. The control group again saw a larger beat, rising 1.14% M/M (cons 0.4) after an upward revised 0.30% (initial 0.0). It’s the strongest single monthly increase for the nominal measure since Jan’23.
  • The spike in US yields is filtering through to further greenback strength, bolstered by the impressive daily advance for USDJPY, rising to a fresh multi-decade high of 154.41.
  • The immediate bounce back for stocks likely limiting the impact across emerging market fx, however the likes of USDZAR and USDBRL are seen around 0.5% higher on the session.
  • For USDBRL in particular, the clearance of the 5.10 handle signals scope for a climb towards 5.2202, the Oct 6 ‘23 high.
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