By CountingPips.com
U.S. Retail Sales increased by more than expected as consumers spending on retail good continued for the second straight month in November according to a report by the U.S. Commerce Department released today. Advance estimates of retail sales showed that sales increased by 1.3 percent to $332.1 billion in November and easily surpassed market forecasts that were expecting a 0.6 percent increase for the 
month. October’s results were revised lower from an original estimate of a 1.4 percent gain to an increase of 1.1 percent.
On an annual basis, November sales were 1.9 percent above the November 2008 sales level following October’s annual decline of 2.0 percent. Core retail sales, excluding automobile sales and parts, increased by 1.2 percent in November after the revised data showed that core sales were flat in October.
Boosting the retail sales numbers in November were a 6.0 percent gain in gas station sales and a 2.8 percent increase in electronics & appliance stores. Also contributing to the increase in retail sales were gains in food services & drinking places, nonstore retailers, automobile sales, general merchandise stores, health & personal care stores and building material & garden eq. & supplies dealers.
US Dollar makes strong gains in Forex Trading today.
Today’s forex trading action has seen strong US dollar gains against the major currencies as the positive retail sales data have helped give the American currency a boost. The dollar has gained ground versus the euro, British pound, Australian dollar, New Zealand dollar, Swiss franc, Canadian dollar and Japanese yen at 12:32 pm EST according currency data by Oanda.
The US stock markets, meanwhile, have been mixed so far today with the Dow Jones gaining by over 30 points, the Nasdaq decreasing over 5 points and the S&P 500 showing a small gain. Oil has traded lower to $70.01 while gold has also fallen to the $1117.60 per ounce level.
USD/CAD Chart – The US Dollar breaking sharply out of its downtrend today versus the Canadian Dollar in Forex Trading on the 30 minute chart.
