By CountingPips.com
US retail sales increased by more than expected in August and advanced by the largest amount in seven months. The advance estimate of the US monthly retail sales, released by the US Commerce Department, showed that sales increased by 1.2 percent to $373.1 billion in October from September. The data almost doubled the market expectations that were 
predicting a 0.7 percent rise for the month. September’s sales data was revised higher to an increase of 0.7 percent after an originally reported 0.6 percent advance.
On an annual basis, the retail sales data increased by 7.3 percent above the October 2009 sales level following September’s annual increase of 7.4 percent. Core retail sales, excluding automobiles, rose by 0.4 percent in October following a 0.5 percent increase in September and matched economic forecasts that were expecting core sales to rise by 0.4 percent.
Contributing to the higher sales level for October was a rise in automotive sales by 5.0 percent while building material, garden and supply stores increased by 1.9 percent for the month. Gasoline stations and nonstore retailers both increase by 0.8 percent in October while food and beverage store sales rose by 0.3 percent.
US Dollar mixed in Forex Markets, Stocks higher, Gold up
The US dollar has been mixed today in the forex markets against the other major currencies after the US retail sales release. The American currency has gained ground today versus the euro, British pound sterling, Japanese yen and the Swiss franc while declining against the Australian dollar, New Zealand dollar and the Canadian dollar in today’s fx trading action.
The U.S. stock markets, meanwhile, have been higher today with the Dow Jones increasing by over 70 points, the Nasdaq up by approximately 10 points and the S&P 500 rising by over 5 points in the middle of the US trading session.
Oil has edged higher by $0.22 to the $85.10 level while gold has increased by $5.30 to trade at the $1,370.70 level.
