13th December 2013
Volumes have been low in forex trading markets today (December 13th), with investors expressing caution ahead of the Federal Reserve's policy meeting next week.
The central bank is widely expected to announce it is reducing its stimulus following the December 17th-18th gathering and data released yesterday served to reinforce this view.
The US Commerce Department said retail sales in the country increased by 0.7 per cent in November, beating expectations for a 0.6 per cent rise. Core retail sales, considered to be a more accurate indicator of inflationary pressures, were up by 0.4 per cent, compared with the consensus estimate for a 0.2 per cent gain.
While a separate report showed the number of Americans filing initial applications for unemployment benefits increased to a three-month high last week, it is thought the Fed is still on course to cut its asset purchases.
As of 10:55 GMT, the dollar had strengthened by 0.27 per cent to 103.65 yen and was trading higher against the majority of its peers.
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