Fairly quiet day in terms of data; the US Dollar is mildly higher after retails sales signalled a healthy economic activity. Consumers are the engine that has been powering the US economy for the past two years as they account for roughly 70% of GDP. In all of 2015, outlays rose a robust 3.1%, the fastest pace since 2005, but households tightened their purse strings toward the end of the year. It can be argued that there's enough strength in the economy for Yellen to keep the door to tightening next month open however we don’t expect the Fed to overlook the volatility in the financial markets.
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The banking sector is also in focus again, with Commerzbank jumping over 14% higher after it’s a positively received fourth-quarter earnings report
Latest FX news by Denzil Rickerby