Retail stocks were moving higher on Tuesday following President-elect Donald Trump’s comments that the U.S. dollar has become “too strong” in an interview with the Wall Street Journal.

His comments prompted a selloff in the U.S. dollar and a subsequent spike in gold; at time of writing, the SPDR Gold Trust (ETF) (NYSE: GLD) was up 1.5 percent.

Retail's Response

The strong dollar is weighing on corporations' earnings and hurting sales, as U.S.-made products become more expensive to purchase in other countries, particularly in Asia. As foreign purchases need to be converted back to dollars, earnings growth is compromised as sales on a per unit basis don’t necessarily translate to top- or bottom-line increases in quarterly reports.

Therefore, against the backdrop of the president-elect's comments on the strength of the dollar, retail stocks received a boost on the possibility that things will change once Trump assumes office Friday.

Specific Shares Enjoying Moves Higher

These companies have a significant global presence and have suffered noticeable currency headwinds as the dollar continues to strengthen.

With Trump’s recent comments about the dollar's strength and continual attack on China’s role as a currency manipulator, it's clear he has set his sights on this issue, easing some corporate concerns that the dollar’s strength has gotten out of control.