The US dollar is getting crushed

The dollar tanked after the retail sales report showed flat growth from the previous month.

At 0% in April, sales missed expectations for a 0.2% rise, while sales excluding autos and gas sales rose 0.2%, below the expectation for +0.6% month-over-month. Also in economic data, the latest report on import prices was a miss, showing prices fell 0.3% over the prior month in April, while prices fell 10.7% against the prior year.

These were both sharper-than-expected declines.

Following this report, the US dollar index fell as much as 0.6% to around $94. The euro, meanwhile, strengthened to as much as $1.1312 against the dollar after the report.

Here's a chart showing the dollar's drop after the retail sales report:

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