Dollar Mixed After U.S. Retail Sales
15 August 2018 - 11:51AM
RTTF2
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.
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