Forex news for US trading on April 13, 2016:
Most to the advancement in the USD today was done before NA traders entered. Nevertheless there was a little meat left on the dollar buying bone during the NY session. For example, the EURUSD moved to new session lows, the USDCHF printed new lows and so did the USDJPY and the GBPUSD. Those moved to new dollar highs came despite worse than expected data in the US today. Retail sales fell by -0.3% (est +0.1%) and PPI was also weaker at -0.1% vs +0.2% estimate. Later business inventories came at -0.1% vs estimates of +0.1% and sales were weaker than the inventory decline keeping the inventory to sales ratio at a high level historically. Later in the NY afternoon (just to complete the US fundamental picture), the Fed’s Beige book seemed ok to me. Of course there are a myriad of qualifiers like "some districts", "most districts", "a few", etc, but they talked about how inventories were keeping up with sales, how business was investing in capital projects, how manufacturing was picking up and auto sales were strong. This all despite a 0.3% estimate for 1Q GDP (up from 0.1%) from the Atlanta Fed. Go figure.