In yet another sign that the U.S. economic recovery is occurring at a slower rate than originally thought, the U.S. Core Retail Sales report came in below forecasted levels today. The greenback slid against most of its main currency rivals as a result, including the Japanese yen, as investors continued to unload dollar positions. USD/JPY fell some 75 pips this afternoon, and is currently trading around the 88.30 level.
Tomorrow, traders will want to pay attention to the U.S. Unemployment Claims and PPI reports. While analysts are not forecasting a major shift in either figure from the last published report, a surprise result could heavily impact USD pairs. That being said, the overall trend for the buck is bearish at the moment, and in all likelihood, the trend will continue tomorrow.