Friday 17 August 5:04 PM NZT. US economic news this week, whilst generally positive, has not created more than a ripple in the foreign exchange markets. Retail sales data after three straight monthly declines increased by 0.8%. Details of the report were strong, with monthly sales rising across the board, so this is positive. Industrial production data also pointed to an ongoing recovery of sorts, coming in above market expectations at 0.6%. Key manufacturing survey the Philly FED, did improve, but has still been in the negative for the last four months. The improvement was also less than the market had expected. Although there were falls in employment and ongoing issues in the jobs market, the housing data and building permits were up a solid 6.8%. It seems the market still needs a dose of really convincing data, to feel that perhaps things are getting better. Next week we have existing home sales and more importantly unemployment claims late in the week, so things are likely to be much of the same until then.