Revision to control group retails (up 0.8% from +0.4%) is helping
The control group of retail sales (funnels into GDP) was up +0.1% on the month, but the prior month was revised to +0.8% from +0.4%. That is significant and may be helping the US dollar in post data trading. Having said that, let’s not get too excited. The prices of the majors remain in the narrow ranges and we are seeing a move back lower after the small gains.