FXstreet.com (Barcelona) - The Dollar has shrugged off previous weakness after a larger than expected retail sales and is rallying against its major rivals, trimming European session's losses.

Retail sales have increased at a 1.3% pace in November, beating expert's forecasts of a 0.6% advance, while, excluding automobiles, retail sales have advanced 1.2% on the month.

EUR/USD has given away about 45 pips in the minutes following U.S. data piulling down 1.4770 to 1.4725. Currently the pair is trading around 1.4735/45.

GBP/USD pull down from intra-day high at 1.6340 has extended after Retail sales data, with the Pound easing from 1.6300 to 1.6265, approaching day low at 1.6260.

USD/JPY rally from 87.35 low on Wednesday has extended after retail sales data, with the Dollar breaking above 89.00 to hit a fresh day high at 89.30.