The Dollar Is Surging After Retail Sales Beat Expectations

The US dollar is rallying after US retail sales for October came in better than expected.

The report showed retail sales grew 0.3% month-on-month, better than the 0.2% that was expected by economists.

Retail sales also rose 0.3% excluding auto sales, which also beat expectations for a 0.2% increase.

Following the results, the dollar, which has been in rally mode for the last several months, is extending its gains against most major currencies, including the euro and the yen.

The dollar is currently at seven-year highs against the yen, trading at around 116.7 in morning trade on Friday, while the euro is at a roughly 18-month low of 1.24 against the dollar.

Here are the charts.