Investing.com - Retail sales in the U.S. rose less than expected in March, while core sales also trailed estimates, dampening optimism over the strength of the economy, official data showed on Tuesday.
In a report, the U.S. Commerce Department said that retail sales increased by a seasonally adjusted 0.9% last month, disappointing expectations for a gain of 1.0%. Retail sales fell by 0.5% in February, whose figure was revised from a previously reported fall of 0.6%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.4% in March, compared to forecasts for a 0.6% increase. Core sales in February dropped 0.1%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
EUR/USD was trading at 1.0599 from around 1.0563 ahead of the release of the data, GBP/USD was at 1.4686 from 1.4648 earlier, while USD/JPY was at 119.62 from 119.93 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.51, compared to 99.83 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures pointed to a loss of 0.1%, the S&P 500 futures dipped 0.15%, while the Nasdaq 100 futures shed 0.15%.
Elsewhere, in the commodities market, gold futures traded at $1,189.60 a troy ounce, compared to $1,184.20 ahead of the data, while crude oil traded at $52.44 a barrel from $52.34 earlier.