By CountingPips.com
U.S. Retail Sales increased by more than expected as consumers picked up the spending pace in October according to a report by the U.S. Commerce Department released today. Advance estimates of retail sales showed that sales increased by 1.4 percent to $347.5 billion in October and surpassed market forecasts that were expecting a 0.9 percent increase for the month. September’s results were revised lower from an original 
estimate of a 1.4 percent fall to a decline of 2.3 percent.
On an annual basis, October sales were 1.7 percent below the October 2008 sales level following September’s annual decline of 6.3 percent. Core retail sales, excluding automobile sales and parts, increased by 0.2 percent in October after a 0.4 percent gain in September.
Boosting the retail sales numbers in October was a gain in automobile sales which rose 7.4 percent for the month. Gas station sales were flat for the month after a 15 percent decrease in September. Also contributing to the increase in retail sales were gains in food services & drinking places, nonstore retailers, miscellaneous stores retailers, general merchandise stores and health & personal care stores.
US Dollar falls in Currency Trading today.
Today’s currency trading has seen broad based US dollar declines against the major currencies as positive retail sales data and better GDP data (4.8% annual growth) out of Japan contributed to a risk taking environment. The dollar has lost ground to the euro, British pound, Australian dollar, New Zealand dollar, Swiss franc, Canadian dollar and Japanese yen at 4:12 pm EST according currency data by Oanda.
The US stock markets had a positive session today with the Dow Jones gaining by 136.49 points, the Nasdaq increasing 29.97 points and the S&P 500 showing a 15.82 point gain. Oil has traded higher to $78.86 while gold rose by $22.50 to $1138.60 per ounce.
AUD/USD Chart – The Australian Dollar gaining today versus the US Dollar in Forex Trading. The AUD/USD marked a new 2009 high today as the pair broke through the 0.9400 level for the first time since July 2008.
