• Retail Sales in the US declined more than expected in February.
• US Dollar Index clings to strong daily gains above 104.50.

Retail Sales in the United States declined by 0.4% on a monthly basis in February to $697.9 billion, the US Census Bureau reported on Wednesday. This reading followed January's expansion of 3.2% and came in slightly worse than the market expectation for a decrease of 0.3%.

"Total sales for the December 2022 through February 2023 period were up 6.4% from the same period a year ago," the press release further read. "The December 2022 to January 2023 percent change was revised from up 3.0 to up 3.2%."

Market reaction

This data failed to have a significant impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was up 0.9% on the day at 104.60.