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Forex News: Dollar Mixed After U.S. Retail Sales

Dollar Mixed After U.S. Retail Sales

05/15/2019 - 09:20:00 (RTTNews)

(RTTNews) - The U.S. dollar came in mixed against its major counterparts in the European session on Wednesday, following the release of nation's retail sales data showing an unexpected drop in April.

Data from the Commerce Department showed that U.S. retail sales edged down by 0.2 percent in April after spiking by an upwardly revised 1.7 percent in March.

Economists had expected retail sales to rise by 0.2 percent compared to the 1.6 percent jump originally reported for the previous month.

Excluding the steep drop in auto sales, retail sales inched up by 0.1 percent in April after surging up by 1.3 percent in March. Ex-auto sales had been expected to climb by 0.7 percent.

Investors awaited developments on trade front, after U.S. President Donald Trump downplayed the scope of the trade war with China and said dialogue would continue.

Trump announced plans to meet Chinese President Xi Jinping at a G20 summit in Japan next month.

The currency held steady against its major counterparts in the Asian session.

The greenback that closed Tuesday's trading at 1.2903 against the pound appreciated to a 3-month high of 1.2852. The greenback is seen finding resistance around the 1.27 level.

The greenback held steady against the euro, after having advanced to a 6-day high of 1.1178 during the session. The pair was valued at 1.1203 when it edned deals on Tuesday.

Data from Eurostat showed that Eurozone's quarterly economic growth rate doubled in the first three months of the year, confirming the initial estimate released late April.

Gross domestic product grew 0.4 percent from the fourth quarter of 2018, when the euro area economy expanded 0.2 percent.

The greenback-franc pair showed little response to the data, with the pair trading at 1.0080. This follows a rebound from a low of 1.0055 hit at 4:45 am ET.

The U.S. currency extended its early decline against the yen, trading at 109.32. At yesterday's close, the pair was worth 109.59. On the downside, 108.00 is likely seen as the next support level for the greenback.

The U.S. NAHB housing market index for May and business inventories for March are due in the New York session.

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