Forex outlook: Dollar upbeat against its major peers

          The dollar was upbeat against most of its counterparts in expectation of the report showing a rise in retail sales last month. 

         A Bloomberg News poll taken before the release of the data by the Commerce Department today revealed that according to the median estimate of economists, the retail sales accelerated to the highest pace in the U.S. In March since September 2012. The survey also revealed that the purchases moved up by 0.9% from February. 

        With the consumer spending reckoning for about 70 % of the U.S. economy, the survey revealing a rise of 0.9% in the purchases from February will further strengthen the dollar.

In the U.S., retail sales accelerated in March to the highest pace since September 2012, according to the median estimate of economists in a Bloomberg News poll before today’s Commerce Department data. Purchases probably rose 0.9 percent from February, when they advanced 0.3 percent, the survey shows. Consumer spending accounts for about 70 percent of the U.S. economy.

         Investors highly speculate on the speech by Federal Reserve Chair Janet Yellen at the 2014 Financial Markets Conference in Stone Mountain, Georgia tomorrow through a video conference. Expectations are also high about the meeting scheduled on April 16 at the Economic Club of New York.