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Forex News: U.S. Dollar Appreciates After Strong Retail Sales Data

U.S. Dollar Appreciates After Strong Retail Sales Data

04/15/2024 - 12:05:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Monday, as the nation's retail sales increased much more than expected in the month of March.

Retail sales climbed by 0.7 percent in March after advancing by an upwardly revised 0.9 percent in February.

Economists had expected retail sales to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.

Excluding a pullback by sales by motor vehicle and parts dealers, retail sales jumped by 1.1 percent in March after climbing by 0.6 percent in February. Ex-auto sales were expected to rise by 0.4 percent.

The greenback climbed to more than a 5-month high of 1.0621 against the euro and more than a 6-month high of 0.9151 against the franc, off its early lows of 1.0665 and 0.9109, respectively. The next possible resistance for the currency is seen around 1.05 against the euro and 0.94 against the franc.

The greenback moved up to a fresh 2-month high of 0.6453 against the aussie and a fresh 5-month high of 0.5912 against the kiwi, from its early lows of 0.6493 and 0.5953, respectively. The greenback is poised to challenge resistance around 0.63 against the aussie and 0.58 against the kiwi.

The greenback touched 154.44 against the yen, its highest level since 1990. It may find resistance around the 158.00 level.

The greenback recovered to 1.2444 against the pound, from an early low of 1.2498. If the greenback strengthens further, it is likely to test resistance around the 1.23 region.

The greenback rebounded to 1.3772 against the loonie, from an early low of 1.3725. The greenback is seen finding resistance around the 1.38 level.

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