The US consumer used to be the great driving force behind the US and global economy until the global crisis of 2008. But since the crisis, the US consumer has been very cautious, therefore the US and Global recovery has been slow and prolonged. Another reason for the decline of the US economy in the global economy is the growth of China, which has become the world´s first economy and the growth of other emerging markets. 

But, the US consumer is coming back; today the retail sales data showed that the sales grew by 0.6% in June against 0.1% expected and the core retail sales which exclude gas, autos and building materials grew by 0.7% against 0.4%. This has helped the GDP tick up one point, from 2.3% to 2.4%. The USD is nearly 100 pips higher now. I did tell you on the previous market update that I felt like the data today was going to be positive and that the USD would benefit. That´s exactly what happened.