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USD selling, across the board as bulls run for cover - Investec

FXStreet (Delhi) – Research Team at Investec, note that after the US Retail Sales came in softer than expected, US Dollar selling was witnessed across the board as investors were likely concerned that if consumer spending remains muted, it will be difficult for inflation to recover in the US with a backdrop of subdued energy prices.

Key Quotes

“Given recent gains in US jobs and the strength of the housing market, the spending background should be more buoyant. The US Dollar weakened across the board after the release and in the Fixed Income markets, Bonds are now only pricing in a 32% chance for a 2015 Fed rate hike, with a first hike not fully priced in until July 2016. The theme continued overnight where the US Dollar continued to soften both across developed and emerging markets."

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