Dollar Remains Weak After Disappointing U.S. Retail Sales
15 Octubre 2018 - 4:34AM
RTTF2
The U.S. dollar remained lower against its most major opponents
in the European session on Monday, following the release of a data
showing much weaker than expected U.S. retail sales growth for
September.
Data from the Commerce Department showed that retail sales
inched up by 0.1 percent in September, matching the uptick seen in
August. Economists had expected retail sales to climb by 0.5
percent.
Excluding a rebound in auto sales, retail sales edged down by
0.1 percent in September after rising by a downwardly revised 0.2
percent in August.
Ex-auto sales had been expected to rise by 0.3 percent, matching
the increase originally reported for the previous month.
Meanwhile, a separate report released by the Federal Reserve
Bank of New York showed the pace of growth in New York
manufacturing activity accelerated by more than anticipated in the
month of October.
The New York Fed said its general business conditions index rose
to 21.1 in October from 19.0 in September, with a positive reading
indicating growth in regional manufacturing activity. Economists
had expected the index to inch up to 20.0.
Lingering worries about global trade as well as growing tensions
between the U.S. and Saudi Arabia over the disappearance of a
prominent Saudi journalist also weighed on the markets.
The currency dropped against its major counterparts in the Asian
session, with the exception of the franc.
After rising to a 6-day high of 1.3083 against the pound at 5:00
pm ET, the greenback reversed direction and was trading lower at
1.3159. The greenback is poised to target support around the 1.33
area.
The greenback fell to 1.1602 against the euro, following an
advance to 1.1540 at 5:00 pm ET. The next possible support for the
greenback is seen around the 1.17 level.
Preliminary figures the Federal Statistical Office showed that
German manufacturers added more employees during August compared to
a year ago.
The number of employees in the manufacturing units with 50 or
more persons grew by about 149,000 persons or 2.7 percent from the
same period last year to 5.7 million.
The greenback stayed weak at near a 2-week low of 0.9848 against
the franc, down from a high of 0.9921 touched at 6:00 pm ET. If the
greenback falls further, it may find support around the 0.97
area.
The greenback held steady against the yen, after falling to near
a 5-week low of 111.63 at 5:00 am ET. The pair had ended last
week's deals at 112.21.
The greenback slipped to near 2-week lows of 0.7149 against the
aussie and 0.6550 against the kiwi, reversing from its early 4-day
highs of 0.7099 and 0.6494, respectively. The greenback is likely
to challenge support around 0.73 against the aussie and 0.67
against the kiwi.
The greenback reached as low as 1.3005 against the loonie,
coming off from a high of 1.3033 hit at 8:45 pm ET. On the
downside, 1.28 is possibly seen as the next support level for the
greenback.
The U.S. business inventories data for August is due
shortly.
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