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Forex News: U.S. Dollar Regaining Ground Following Recent Weakness

U.S. Dollar Regaining Ground Following Recent Weakness

01/14/2022 - 16:26:00 (RTTNews)

(RTTNews) - After moving notably lower over the past few sessions, the value of the U.S. dollar has regained some ground during trading on Friday.

The U.S. dollar index is climbing 0.39 points or 0.4 percent to 95.18, bouncing off its lowest levels in two months.

Currently, the dollar is trading at 114.23 yen versus the 114.20 yen it fetched at the close of New York trading on Thursday. Against the euro, the greenback is valued at $1.1413 compared to yesterday's $1.1455.

The rebound by the dollar comes following the release of a slew of U.S. economic data, including a Commerce Department report unexpectedly showing a steep drop in U.S. retail sales in the month of December.

The Commerce Department said retail sales tumbled by 1.9 percent in December after edging up by a revised 0.2 percent in November.

The sharp pullback surprised economists, who had expected retail sales to come in unchanged compared to the 0.3 percent growth originally reported for the previous month.

Michael Pearce, Senior U.S. Economist at Capital Economics, said the unexpected slump in retail sales appears to mainly reflect the ongoing impact of higher prices and supply shortages.

Inflation concerns have also contributed to a bigger than expected drop in U.S. consumer sentiment in the month of January, according to preliminary data released by the University of Michigan on Friday.

The report showed the consumer sentiment index fell to 68.8 in January from 70.6 in December. Economist had expected the index to edge down to 70.0.

The Federal Reserve also released a report unexpectedly showing a modest decrease in U.S. industrial production in the month of December.

The Fed said industrial production edged down by 0.1 percent in December after climbing by an upwardly revised 0.7 percent in November.

Economists had expected industrial production to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.

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