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Forex News: Canadian Dollar Drops On Dismal Retail Sales

Canadian Dollar Drops On Dismal Retail Sales

07/19/2019 - 09:44:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on Friday, as a data showed that the nation's retail sales unexpectedly fell for the first time in four months in May.

Data from Statistics Canada showed that retail sales fell 0.1 percent on a seasonally adjusted monthly basis in May, following a revised 0.2 percent rise in April. Economists had forecast a 0.3 percent increase.

Core retail sales, excluding motor vehicle and parts dealers, dropped 0.3 percent after a revised flat reading in the previous month. Economists were looking for a gain of 0.3 percent.

Meanwhile, oil prices rose sharply after the U.S. Navy shot down an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

President Donald Trump told reporters the USS Boxer took defensive action after the drone closed to within 1,000 yards of the amphibious assault ship and ignored multiple calls to stand down.

The loonie was higher in the Asian session amid risk appetite, as comments by New York Federal Reserve President John Williams raised hopes of a deeper than expected interest rate cut by the central bank later this month.

The loonie declined to a 9-day low of 1.3110 versus the greenback, from near a 9-month high of 1.3016 seen at 6:15 pm ET. The loonie is seen finding support around the 1.325 region.

Having climbed to 82.64 against the yen at 4:30 am ET, the loonie pulled back, falling to more than a 2-week low of 82.20. Next key support for the loonie is likely seen around the 80.5 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.7 percent on year in June - unchanged and in line with expectations.

Core consumer prices, which excludes food prices, rose an annual 0.6 percent - again matching forecasts and down from 0.8 percent in the previous month.

The Canadian currency weakened to 0.9243 against the aussie, its lowest since June 13. This follows a high of 0.9197 it touched at 5:30 am ET. On the downside, 0.94 is possibly seen as the next support level for the loonie.

Reversing from a high of 1.4649 hit at 8:15 am ET, the loonie slipped to a weekly low of 1.4711 against the euro. The loonie is likely to find support around the 1.49 level.

Figures from Destatis showed that Germany's producer price inflation slowed in June.

Producer prices advanced 1.2 percent year-on-year in June, slower than the 1.9 percent increase seen in May and the expected rate of 1.5 percent.

Looking ahead, the University of Michigan's preliminary consumer sentiment index for July is scheduled for release in the New York session.

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