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US Inflation Numbers Beat Expectations; Lackluster US Retail Sales Temper Greenback Strength

Published February 14, 2018
  • US Consumer Price Index numbers showed a month-on-month growth of 0.5% versus 0.2% expectations; this uptick in inflationary pressure was led by an increase in US energy prices which moved up 3% last month.
  • US month-on-month retail sales disappointed expectations with a reading of -0.3% versus expectations of 0.2% growth; the US dollar is still benefiting from this mixed data as USD/CAD moves towards the mid 1.2600’s.
  • European month-on-month industrial production grew faster than expected, showing a reading of 0.4%. Stock indices in Europe also increased after German GDP showed annual growth of 2.2%, marking the highest level for the euro stalwart since 2011.
  • The Japanese yen continues to strengthen against the US dollar as investors increasingly expect the Bank of Japan to follow its European and US counterparts by normalizing monetary policy through raising interest rates.
  • Oil prices continue to fall this morning as investors look ahead to data on US oil stockpiles from the US Energy Information Administration. Industry estimates showed that US inventories rose more than expected, indicating dampening demand for oil.