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US retail sales disappoint

EURUSD initially up 45 pips to 1.1805 after weaker than expected Retail Sales data, headline down -0.9%, ex-Autos down 1.0%. GBP 1.5235, USDJPY at 116.31. Data showing few signs that weaker energy prices are helping consumption elsewhere in the economy, but this should start to come through Jan-Feb, given that over the past 3 months prices at the pump are are down one-third.

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