FOREX TradingCharts.com

Forex News: Dollar Extends Decline After Soft U.S. Consumer Prices,

Dollar Extends Decline After Soft U.S. Consumer Prices, Retail Sales

11/15/2017 - 09:36:00 (RTTNews)

(RTTNews) - The U.S. dollar continued to be weaker against its major rivals in the European session on Wednesday, following a data showing a slowdown in U.S. retail sales and consumer prices in October and the New York Fed manufacturing index in November from last month.

Data from the Labor Department said that U.S. consumer price index inched up by 0.1 percent in October after climbing by 0.5 percent in September. The modest increase in consumer prices matched economist estimates.

Excluding food and energy prices, core consumer prices rose by 0.2 percent in October after edging up by 0.1 percent in the previous month. The increase in core consumer prices also met expectations.

Data from the Commerce Department showed that U.S. retail sales rose by 0.2 percent in October after spiking by an upwardly revised 1.9 percent in September.

Economists had expected retail sales to come in unchanged compared to the 1.6 percent jump originally reported the previous month.

Excluding an increase in auto sales, retail sales still inched up by 0.1 percent in October following a 1.2 percent surge in September. Ex-auto sales had been expected to rise by 0.2 percent.

Data released by the Federal Reserve Bank of New York showed that growth in New York manufacturing activity slowed more than anticipated in the month of November.

The New York Fed said its general business conditions index dropped to 19.4 in November from 30.2 in October, although a positive reading still indicates growth. Economists had expected the index to fall to 26.0.

Speaking in London, Chicago Fed President Charles Evans told he is worried over persistently low inflation in the U.S. and it is difficult to accept the idea that the step-down last spring was simply transitory.

"Many economists subscribe to the view that this latest drop in core inflation simply reflects temporary factors and that by early next year inflation will be back close to target," Evans said.

Investors monitored developments in the White House, where House Republicans are planning a vote on a sweeping tax reform package on Thursday, which formulates proposal to cut tax rates for businesses and individuals by the end of the year.

"This bill will make things better for hard-working Americans," the House speaker Paul Ryan said.

Meanwhile, the Senate GOP leaders continues to markup their version of the tax bill, planning to approve the package after Thanksgiving.

Senate Republicans are also proposing to add an amendment to the tax bill that would repeal Obamacare's individual mandate.

The greenback dropped against its major rivals in the Asian session on continued concerns over the U.S. tax overhaul.

The greenback slid to 112.48 against the yen, its weakest since October 19. If the greenback extends slide, 111.00 is possibly seen as its next support level.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined less than initially estimated in September.

Industrial production dropped a seasonally adjusted 1.0 percent monthly in September instead of a 1.1 percent decrease reported earlier. This was followed by a 2.0 percent rise in August.

The greenback that closed Tuesday's trading at 0.9893 against the Swiss currency declined to more than a 3-week low of 0.9846. Continuation of the greenback's downtrend may see it challenging support around the 0.97 region.

Reversing from an early high of 1.1785 against the euro, the greenback weakened to near a 5-week low of 1.1860. Further weakness may take the greenback to a support around the 1.195 area.

Data from Eurostat showed that the euro area trade surplus increased in September from August as exports increased amid a fall in imports.

Exports grew 1.1 percent month-on-month in September, while imports decreased 1.2 percent.

The greenback dropped to a 2-day low of 0.6919 against the kiwi, after having advanced to 0.6862 at 1:00 am ET. The next possible support for the greenback is seen around the 0.71 region.

The greenback eased to 0.7621 against the aussie, from more than a 4-month high of 0.7576 at 9:00 pm ET. On the downside, 0.78 is likely seen as the next support level for the greenback.

On the flip side, the greenback trended higher against the loonie, fetching an 8-day peak of 1.2785. The greenback is seen challenging resistance around the 1.31 mark.

The greenback held steady at 1.3170 against the pound, following a brief reversal from a 5-day low of 1.3214 post U.K. data. The pair closed Tuesday's trading at 1.3165.

Data from the Office for National Statistics showed that the UK unemployment rate remained unchanged at the joint lowest since 1975 in the third quarter.

The ILO jobless rate came in at 4.3 percent in three months to September, the same as in three months to August but down from 4.8 percent a year earlier. The rate came in line with expectations.

U.S. business inventories for September are due shortly.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Rising Ahead Of FOMC Decision (20 min(s), 53 sec(s) ago)
(RTTNews) - The dollar is up against its major European rivals Tuesday afternoon, but has given ba ...Full Story»

Dollar Advances As Producer Prices Beat Forecasts; FOMC Decision In Focus (02 min(s), 54 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against its most major opponents in the European session ...Full Story»

Dollar Rises Further Vs Most Majors After U.S. PPI (05 min(s), 53 sec(s) ago)
(RTTNews) - Following the release of U.S. producer price index for November at 8:30 am ET Tuesday, ...Full Story»

Dollar Rises Vs Most Majors Ahead Of U.S. PPI (53 min(s), 53 sec(s) ago)
(RTTNews) - The Labor Department will publish producer price index or PPI for November at 8:30 am ...Full Story»

Pound Falls Despite Upbeat U.K. Inflation Data (41 min(s), 53 sec(s) ago)
(RTTNews) - The pound dropped against its major rivals in the European session on Tuesday, even as ...Full Story»

Euro Little Changed After German ZEW Economic Sentiment Index (32 min(s), 53 sec(s) ago)
(RTTNews) - After the release of Germany's ZEW economic confidence index for December at 5:00 ...Full Story»

Euro Mixed Ahead Of German ZEW Economic Sentiment Index (23 min(s), 53 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Germany's ZEW economic confidence survey results are due. T ...Full Story»

Pound Recovers After U.K. CPI, PPI (02 min(s), 54 sec(s) ago)
(RTTNews) - Following the release of UK consumer and producer prices for November at 4.30 am ET Tu ...Full Story»

Search

FOREX NEWS

Dollar Rising Ahead Of FOMC Decision

12/12/2017 - 14:53 PM (RTTNews)
(RTTNews) - The dollar is up against its major European rivals Tuesday afternoon, but has given ba ...Full Story>>

Dollar Advances As Producer Prices Beat Forecasts; FOMC Decision In Focus

12/12/2017 - 09:35 AM (RTTNews)
(RTTNews) - The U.S. dollar strengthened against its most major opponents in the European session ...Full Story>>

Dollar Rises Further Vs Most Majors After U.S. PPI

12/12/2017 - 08:37 AM (RTTNews)
(RTTNews) - Following the release of U.S. producer price index for November at 8:30 am ET Tuesday, ...Full Story>>

Dollar Rises Vs Most Majors Ahead Of U.S. PPI

12/12/2017 - 08:26 AM (RTTNews)
(RTTNews) - The Labor Department will publish producer price index or PPI for November at 8:30 am ...Full Story>>

Pound Falls Despite Upbeat U.K. Inflation Data

12/12/2017 - 06:12 AM (RTTNews)
(RTTNews) - The pound dropped against its major rivals in the European session on Tuesday, even as ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.