U.S. retail sales for February are to be reported on Friday the 12th. The big snow strorms in the northeastern United States are the big factor as many communities were completely shut down for as much as two weeks.
Most economists are not worried about the report as it’s most likely factored into the markets already. When a slow February hits, a good March usually follows. The dollar was lower vs. the euro, but higher against other currencies.
The dollar remained steady today. The dollar was the safe haven after some tough economic news hit the streets. A lack of buying interest for other currencies helped the dollar to stay steady against the euro and sterling.
The Commerce Department’s home sales report had unexpectedly reported new home sales falling 11.2% in January. Germany’s economic recovery came to a halt. Ben Bernanke told lawmakers that flat oil prices will keep inflation in check. He went on to say that an increase in goods and services in the private sector only can aid further sustained growth in the U.S. economy.
The dollar is looking better technically against the euro.
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