8:30am (NY Time) US Core Retail Sales Forecast 0.4% Previous 0.5%
ACTION: USD/JPY BUY 1.0% SELL -0.2%
Our focus will be on the Retail Sales release out of U.S. today. We have both retail sales (healine and core, also know as ex auto) scheduled to be released at exactly 8:30am. It is important that there is no conflict with the numbers between in order for us to get into a trade. The Core release is more accurate reflection of the activities at the retail level because it excludes the seasonal Automotive components; the headline Retail Sales should be in the same direction as of the Core reading, and the headline is currently forecasted at 1.0% with a previous release of -2.1%.
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