Dollar Mixed After U.S. Retail Sales
15 Mayo 2019 - 04:20AM
RTTF2
The U.S. dollar came in mixed against its major counterparts in
the European session on Wednesday, following the release of
nation's retail sales data showing an unexpected drop in April.
Data from the Commerce Department showed that U.S. retail sales
edged down by 0.2 percent in April after spiking by an upwardly
revised 1.7 percent in March.
Economists had expected retail sales to rise by 0.2 percent
compared to the 1.6 percent jump originally reported for the
previous month.
Excluding the steep drop in auto sales, retail sales inched up
by 0.1 percent in April after surging up by 1.3 percent in March.
Ex-auto sales had been expected to climb by 0.7 percent.
Investors awaited developments on trade front, after U.S.
President Donald Trump downplayed the scope of the trade war with
China and said dialogue would continue.
Trump announced plans to meet Chinese President Xi Jinping at a
G20 summit in Japan next month.
The currency held steady against its major counterparts in the
Asian session.
The greenback that closed Tuesday's trading at 1.2903 against
the pound appreciated to a 3-month high of 1.2852. The greenback is
seen finding resistance around the 1.27 level.
The greenback held steady against the euro, after having
advanced to a 6-day high of 1.1178 during the session. The pair was
valued at 1.1203 when it edned deals on Tuesday.
Data from Eurostat showed that Eurozone's quarterly economic
growth rate doubled in the first three months of the year,
confirming the initial estimate released late April.
Gross domestic product grew 0.4 percent from the fourth quarter
of 2018, when the euro area economy expanded 0.2 percent.
The greenback-franc pair showed little response to the data,
with the pair trading at 1.0080. This follows a rebound from a low
of 1.0055 hit at 4:45 am ET.
The U.S. currency extended its early decline against the yen,
trading at 109.32. At yesterday's close, the pair was worth 109.59.
On the downside, 108.00 is likely seen as the next support level
for the greenback.
The U.S. NAHB housing market index for May and business
inventories for March are due in the New York session.
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