FOREX TradingCharts.com

Forex News: Dismal U.S. Retail Sales Send Dollar Down

Dismal U.S. Retail Sales Send Dollar Down

10/16/2019 - 10:21:00 (RTTNews)

(RTTNews) - Unexpected decline in the U.S. retail sales in September dragged the U.S. dollar down in the European session on Wednesday.

Data from the Commerce Department showed that retail sales fell by 0.3 percent in September after climbing by an upwardly revised 0.6 percent in August.

Economists had expected sales to rise by 0.3 percent.

Excluding a notable pullback in auto sales, retail sales still edged down by 0.1 percent in September after rising by a revised 0.2 percent in August.

Economists had expected ex-auto sales to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Continued uncertainty about a possible U.S.-China trade deal undermined sentiment.

New media reports raised questions about the "phase one" deal announced by President Donald Trump last week.

A Wall Street Journal report noted questions remain about how much U.S. agricultural products China intends to buy and the time frame for the purchases, while a Bloomberg report said China wants tariffs rolled back before it moves forward.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the franc and the yen, it was steady against the euro. Versus the pound, it rose.

The greenback fell to 108.56 against the yen, from a high of 108.87 hit at 5:15 pm ET. The currency is likely to find support around the 106.00 mark, if it weakens further.

The greenback hovered at a 2-day low of 0.9960 against the franc, after rising to 0.9991 at 5:15 am ET. Next near term support for the greenback is likely seen around the 0.98 level.

The greenback weakened to 1.2839 against the pound, its lowest since May 13. Further downtrend is likely to lead the currency to a support around the 1.30 region.

Data from the Office for National Statistics showed that UK consumer price inflation remained in September and factory gate price inflation was the weakest in three years.

Consumer prices advanced 1.7 percent year-on-year, the same pace of growth as seen in August. The rate was forecast to rise to 1.8 percent.

On the other hand, the greenback held steady against the euro, following a 5-day decline to 1.1060 at 2:15 am ET. The pair had ended Tuesday's trading at 1.1033.

Data from Eurostat showed that Eurozone inflation eased more than initially estimated in September.

Inflation slowed to 0.8 percent in September from 1 percent in August. Price growth was initially estimated at 0.9 percent.

The greenback appreciated to 1.3233 against the loonie, reversing from a 2-day low of 1.3195 it touched at 5:15 pm ET. The greenback is seen facing resistance around the 1.35 level.

The greenback climbed to a 6-day high of 0.6723 versus the aussie from Tuesday's closing value of 0.6752. On the upside, 0.63 is likely seen as the next resistance level for the greenback.

Following a 2-day decline to 0.6319 against the kiwi at 5:45 pm ET, the greenback reversed direction, reaching a 2-week high of 0.6241. The greenback is poised to find resistance around the 0.60 region.

Data from Statistics New Zealand showed that New Zealand consumer prices rose 0.7 percent on quarter in the third quarter of 2019 - surpassing expectations for an increase of 0.6 percent, which would have been unchanged from the previous three months.

Housing and household utilities rose 1.2 percent on quarter, influenced by higher prices for property rates and related services.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Following U.S. Industrial Production (06 hr(s), 45 min(s), 04 sec(s) ago)
(RTTNews) - After the release of the Fed's industrial production for October at 9:15 am ET Fri ...Full Story»

Dollar Mixed Ahead Of U.S. Industrial Production (06 hr(s), 54 min(s), 04 sec(s) ago)
(RTTNews) - The Fed's industrial production for October will be released at 9:15 am ET Friday. ...Full Story»

Dollar Little Changed Following U.S. Retail Sales (07 hr(s), 30 min(s), 04 sec(s) ago)
(RTTNews) - The U.S. retail sales and import and export prices for October have been released at 8 ...Full Story»

Dollar Mixed Ahead Of U.S. Retail Sales (07 hr(s), 39 min(s), 03 sec(s) ago)
(RTTNews) - The U.S. retail sales and import and export prices for October are due at 8:30 am ET F ...Full Story»

Euro Advances Against Majors (08 hr(s), 39 min(s), 04 sec(s) ago)
(RTTNews) - The euro spiked up against its major counterparts in the European session on Friday. ...Full Story»

Swiss Franc Drops On Trade Optimism (09 hr(s), 42 min(s), 04 sec(s) ago)
(RTTNews) - The Swiss franc depreciated against its major counterparts in the Asian session on Fri ...Full Story»

Euro Little Changed After Eurozone Inflation (11 hr(s), 0 min(s),04 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat has released euro area final inflation and trade figure ...Full Story»

Euro Mixed Ahead Of Eurozone Inflation (11 hr(s), 09 min(s), 04 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat is scheduled to release euro area final inflation and t ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Following U.S. Industrial Production

11/15/2019 - 09:19 AM (RTTNews)
(RTTNews) - After the release of the Fed's industrial production for October at 9:15 am ET Fri ...Full Story>>

Dollar Mixed Ahead Of U.S. Industrial Production

11/15/2019 - 09:10 AM (RTTNews)
(RTTNews) - The Fed's industrial production for October will be released at 9:15 am ET Friday. ...Full Story>>

Dollar Little Changed Following U.S. Retail Sales

11/15/2019 - 08:34 AM (RTTNews)
(RTTNews) - The U.S. retail sales and import and export prices for October have been released at 8 ...Full Story>>

Dollar Mixed Ahead Of U.S. Retail Sales

11/15/2019 - 08:25 AM (RTTNews)
(RTTNews) - The U.S. retail sales and import and export prices for October are due at 8:30 am ET F ...Full Story>>

Euro Advances Against Majors

11/15/2019 - 07:26 AM (RTTNews)
(RTTNews) - The euro spiked up against its major counterparts in the European session on Friday. ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.