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Forex News: U.S. Dollar Higher After Strong Retail Sales

U.S. Dollar Higher After Strong Retail Sales

06/14/2018 - 10:22:00 (RTTNews)

(RTTNews) - The U.S. dollar spiked up against its major counterparts in the early New York session on Thursday, following the release of a slew of upbeat economic data on retail sales, export and import prices and weekly jobless claims.

The Commerce Department said retail sales jumped by 0.8 percent in May after climbing by an upwardly revised 0.4 percent in April.

Economists had expected retail sales to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.

Excluding sales by motor vehicle and parts dealers, retail sales still surged up by 0.9 percent in May following a 0.4 percent increase in April. Ex-auto sales had been expected to climb by 0.5 percent.

A separate report from the Labor Department unexpectedly showed a modest decrease in initial jobless claims in the week ended June 9th.

The report said initial jobless claims edged down to 218,000, a decrease of 4,000 from the previous week's unrevised level of 222,000. Economists had expected initial jobless claims to inch up to 224,000.

The Labor Department also released a report showing import and export prices both increased by more than anticipated in the month of May.

The report said import prices climbed by 0.6 percent in May, matching the upwardly revised increase in April. Economists had expected import prices to rise by 0.5 percent.

Export prices also increased by 0.6 percent in May, matching the growth reported for the previous month. Export prices had been expected to rise by 0.3 percent.

Traders digested the monetary policy announcement of the European Central Bank, which outlined plans to begin winding down its massive bond-buying program.

The ECB said it plans to reduce the monthly pace of its net asset purchases to 15 billion from 30 billion after September before completely ending the program at the end of December.

Meanwhile, the ECB left interest rates unchanged and said it expects rates to remain at their present levels at least through the summer of 2019.

The greenback climbed to a new 2-week high of 0.9921 against the franc and a 9-day high of 1.1656 against the euro, off its early 6-day low of 0.9826 and more than a 4-week low of 1.1852, respectively. Next key resistance for the greenback is likely seen around 1.01 against the franc and 1.15 against the euro.

The greenback edged up to 110.39 against the yen and 1.3313 against the pound, reversing from its early 3-day low of 109.92 and a weekly low of 1.3447, respectively. If the greenback rises further, 112.00 and 1.32 are likely seen as its next resistance levels against the yen and the pound, respectively.

The U.S. currency advanced to 0.7538 against the aussie and 1.3012 against the loonie, bouncing off from an early low of 0.7583 and a 6-day low of 1.2950, respectively. The greenback is poised to challenge resistance around 0.73 against the aussie and 1.32 against the loonie.

The greenback recovered to 0.7018 against the kiwi, from a low of 0.7045 hit at 8:15 am ET. The next likely resistance for the greenback is seen around the 0.69 level.

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