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Forex News: Dollar Eases Off After In-line U.S. Retail Sales

Dollar Eases Off After In-line U.S. Retail Sales Data

02/14/2020 - 10:08:00 (RTTNews)

(RTTNews) - The U.S. dollar pulled back against its most major rivals in early New York deals on Friday, following the release of the nation's in line retail sales data for January.

Data from the Commerce Department showed that retail sales rose in line with economist estimates in January.

The Commerce Department said retail sales rose by 0.3 percent in January after edging up by a downwardly revised 0.2 percent in December.

Economists had expected retail sales to climb by 0.3 percent, matching the increase originally reported for the previous month.

Excluding sales by motor vehicles and parts dealers, retail sales still rose by 0.3 percent in January after climbing by 0.6 percent in December. Ex-auto sales were also expected to increase by 0.3 percent.

Data from the Labor Department showed that U.S. import prices came in flat in the month of January, while export prices unexpectedly showed a notable rebound.

The Labor Department said import prices were unchanged in January, while export prices climbed by 0.7 percent

Economists had expected import prices to dip by 0.2 percent.

The greenback fell to 1.0861 against the euro, from near a 3-year high of 1.0827 set at 7:00 pm ET. The greenback is seen finding support around the 1.10 mark.

Preliminary figures from Destatis showed that German economy stagnated in the fourth quarter of 2019 amid slower consumption and weaker exports.

Gross domestic product was unchanged from the previous quarter on a seasonally and calendar-adjusted basis. Economists had forecast 0.1 percent growth.

The greenback pared gains to 109.74 against the yen, from a high of 109.91 seen at 10:00 pm ET. The next possible support for the greenback is seen around the 108.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity declined unexpectedly in December.

The tertiary industry activity index fell 0.2 percent month-on-month in December. Economists had forecast a 0.1 percent rise.

Having climbed to near a 2-month of 0.9819 at 8:15 am ET, the greenback moved off to 0.9802 against the franc. On the downside, 0.96 is possibly seen as the next support level for the greenback.

Data from the Federal Statistical Office showed that Switzerland's producer and import prices declined in January.

The producer and import prices fell 1.0 percent year-on-year in January.

In contrast, the greenback held steady against the pound, after rising to 1.3001 at 8:15 am ET. The pair had finished Thursday's trading at 1.3038.

The University of Michigan's preliminary consumer sentiment index for February will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

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