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Forex News: Dollar Strengthens After Solid Retail Sales

Dollar Strengthens After Solid Retail Sales

07/16/2019 - 09:40:00 (RTTNews)

(RTTNews) - The U.S. dollar gained ground against its major opponents in the European session on Tuesday, as market expectations of sharper Fed rate cuts lessened after solid U.S. retail sales data for June.

Data from the Commerce Department showed that retail sales rose by 0.4 percent in June, matching the downwardly revised increase in May.

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

In other economic releases, data from the Labor Department showed that U.S. import prices fell more than expected in June, partly reflecting a steep drop in fuel prices.

Import prices tumbled by 0.9 percent in June, while economists had forecast a drop of 0.7 percent.

The currency was steady against its major opponents in the Asian session, excepting the yen.

The greenback appreciated to 0.9887 against the franc, a 4-day high. At Monday's close, the pair was worth 0.9845. The next possible resistance for the greenback is seen around the 1.00 mark.

The greenback strengthened to a 4-day high of 108.25 against the yen, after dropping to 107.82 at 6:15 pm ET. Continuation of the greenback's uptrend may see it challenging resistance around the 111.00 region.

Continuing its early gains, the greenback climbed to a 6-day high of 1.1209 against the euro. The pair had finished yesterday's trading at 1.1258. On the upside, 1.10 is possibly seen as the next resistance for the greenback.

Preliminary data from Eurostat showed that Eurozone's trade surplus grew in May, led by a rebound in exports, while imports decreased.

The seasonally adjusted trade surplus rose to EUR 20.2 billion from EUR 15.7 billion in April. Economists had forecast a surplus of EUR 17.5 billion.

The greenback held steady against the pound, after having risen to a 6-1/2-month high of 1.2408 at 6:50 am ET. The pair was valued at 1.2515 when it ended deals on Monday.

Data from the Office for National Statistics showed that the UK unemployment rate remained unchanged at 44-year low in three months to May and wages grew at the fastest pace in 11 years.

The unemployment rate remained unchanged at 3.8 percent in three months to May, in line with expectations. This was the lowest since the final quarter of 1974.

The greenback was higher at 0.7024 against the aussie, compared to yesterday's closing value of 0.7039. The greenback had set near a 2-week low of 0.7044 at 6:45 pm ET. If the greenback extends rise, 0.68 is possibly seen as its next resistance level.

Having dropped to near a 3-month low of 0.6738 against the kiwi at 11:15 pm ET, the greenback reversed direction and reached as high as 0.6709. The greenback is seen finding resistance around the 0.66 region.

Data from Statistics New Zealand showed that New Zealand consumer prices rose 0.6 percent on quarter in the second quarter of 2019.

That was in line with expectations and up from 0.1 percent in the previous three months.

On the flip side, the greenback declined to 1.3033 against the loonie, following a 4-day high of 1.3065 it touched at 3:45 am ET. The greenback is likely to face support around the 1.28 region.

The U.S. business inventories for May and NAHB housing market index for July will be released at 10:00 am ET.

At 1:00 pm ET, Federal Reserve Chair Jerome Powell will give a speech titled "Aspects of Monetary Policy in the Post-Crisis Era" at the French G7 Presidency 2019 in Paris.

Federal Reserve Bank of Chicago President Charles Evans is set to speak in a television appearance on CNBC at 3:00 pm ET.

For comments and feedback: contact editorial@rttnews.com

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