Official data released in the US today showed retail sales unexpectedly dropped in March. Retails sales fell 0.3% m/m in March, compared to an expected rise of 0.1% following an upwardly revised February figure of 0.0%. Retail sales ex autos rose 0.2%, missing the estimate of 0.4%. Meanwhile, Ex-Autos and Gas rose 0.1% compared to the expected rise of 0.3%. Previous month’s print was revised higher to 0.6%. Retail sales control group number also rose at a measly rate of 0.1%. Drop in the retail sales is sending US dollar lower across the board and supports Fed’s view that it needs to stay cautious with more rate hikes. For more information, read our latest forex news.