Yen remains soft while dollar continues to stay in range after release of better than expected data from US today. Advance retail sales showed second consecutive month or growth in November and rose 1.3%, beating expectation of 0.6%. Ex-auto sales also rose 1.2%, above consensus of 0.5%. Import price index, on the other hand, rose 1.7% versus expectation of 1.2% mom. The positive data sends stock futures higher and pressures the Japanese yen. Nevertheless, dollar is supported by the data and is steadily in range against European majors. Data released earlier today saw UK PPI input rose 0.1% mom in November while output PPI rose 0.2% mom. Both were below market expectation of 0.6% mom and 0.3% mom.

On thing to note is that the recover in crude oil and gold is losing some strength. Crude oil is now trading back below 71 level and 70 remains vulnerable. Meanwhile gold is back below 1140 in early US session. Both crude oil and gold are likely to retest this week's low towards the end of the week and would likely provide some support to the greenback. While might translate into retesting of 1.4668 low in EUR/USD and possibly a breakout.