U.S. Dollar Falls As China Covid Worries Reduce
17 Mai 2022 - 1:02PM
RTTF2
The U.S. dollar weakened against its most major counterparts in
the European session on Tuesday, amid a rally in European shares as
China's financial hub Shanghai moved towards reopening and plans to
gradually return to normality by late June.
Deputy Mayor Zong Ming said that the authorities will implement
steps to reopen Shanghai in stages, with restrictions on movement
to continue until May 21 to control virus infections.
Supermarkets, convenience stores and pharmacies were allowed to
reopen from Monday.
Data from the Commerce Department showed that U.S. retail sales
increased more than expected in April.
The report said retail sales climbed by 0.9 percent in April
after jumping by an upwardly revised 1.4 percent in March.
Economists had expected retail sales to rise by 0.7 percent
compared to the 0.5 percent increase originally reported for the
previous month.
Excluding a rebound in sales by motor vehicle and parts dealers,
retail sales rose by 0.6 percent in April after surging by 2.1
percent in March. Ex-auto sales were expected to edge up by 0.3
percent.
The greenback dropped to 6-day lows of 1.0556 against the euro
and 0.9918 against the franc, after rising to 1.0428 and 1.0024,
respectively in early deals. The greenback is seen finding support
around 1.08 against the euro and 0.98 against the franc.
The greenback pulled back from its early highs of 0.6966 against
the aussie and 0.6305 against the kiwi and reached 6-day lows of
0.7041 and 0.6376, respectively. The greenback is poised to face
support around 0.72 against the aussie and 0.66 against the
kiwi.
The greenback slipped to near a 2-week low of 1.2499 against the
pound. Against the loonie, it was down at 1.2807, which was its
lowest level since May 5. The greenback may face support around
1.28 against the pound and 1.25 against the loonie.
In contrast, the greenback climbed to 129.78 against the yen,
hitting a 5-day high. On the upside, resistance is seen near the
131.00 level.
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