The U.S. dollar came in mixed against its major counterparts in the European session on Wednesday, after the release of U.S. retail sales for July, which grew more than economists' expectations.

Data from the Commerce Department showed that U.S. retail sales rose by 0.5 percent in July following a revised 0.2 percent uptick in June.

Economists had expected retail sales to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.

Excluding a modest increase in sales by motor vehicle and parts dealers, retail sales still climbed by 0.6 percent in July after edging up by 0.2 percent in June. Ex-auto sales had been expected to rise by 0.3 percent.

The greenback was higher early in the session, as investors rushed to the safe-haven assets amid concerns over the Turkish financial crisis.

Turkey doubled tariffs on some U.S. imports including cars, alcohol and tobacco, esclating its rift with the United States.

The greenback dropped to 110.86 against the yen, after rising to a weekly high of 111.43 at 9:30 pm ET. On the downside, 108.00 is possibly seen as the next support level for the greenback.

Having advanced to a 9-day high of 0.9983 against the Swiss franc at 6:00 am ET, the greenback reversed direction and pulled back slightly to 0.9974. If the greenback falls further, 0.97 is likely seen as its next support level.

The greenback hovered at more than a 1-year high of 1.1309 against the euro, compared to yesterday's closing value of 1.1344. The greenback is likely to challenge resistance around the 1.12 level.

Extending its early rally, the greenback appreciated to 1.2669 against the pound, a level unseen since June 2017. The next likely resistance for the greenback is seen around the 1.24 level.

Figures from the Office for National Statistics showed that U.K. inflation accelerated for the first time in eight months in July.

Consumer prices climbed 2.5 percent year-on-year in July, as expected, but slightly faster than the 2.4 percent increase in June.

The U.S. business inventories for June and NAHB housing market index for August are due shortly.

Euro vs US Dollar (FX:EURUSD)
Forex Chart
Von Feb 2024 bis Mär 2024 Click Here for more Euro vs US Dollar Charts.
Euro vs US Dollar (FX:EURUSD)
Forex Chart
Von Mär 2023 bis Mär 2024 Click Here for more Euro vs US Dollar Charts.