U.S. Dollar Advances After Strong Retail Sales Data
October 17 2023 - 7:06AM
RTTF2
The U.S. dollar moved up against its major counterparts in the
New York session on Tuesday, as the nation's retail sales increased
more than expected in September.
Retail sales climbed by 0.7 percent in September after rising by
an upwardly revised 0.8 percent in August.
Economists had expected retail sales to inch up by 0.3
percent.
Excluding sales by motor vehicles and parts dealers, retail
sales rose by 0.6 percent in September following an upwardly
revised 0.9 percent in August.
Ex-auto sales were expected to rise by 0.2 percent.
The greenback recovered to 1.0538 against the euro and 0.6336
against the aussie, from its early 5-day lows of 1.0579 and 0.6367,
respectively. The currency is seen facing resistance around 1.03
against the euro and 0.60 against the aussie.
The greenback climbed to near 2-week highs of 0.5870 against the
kiwi and 1.3702 against the loonie, up from an early low of 0.5928
and a 5-day low of 0.6367, respectively. The greenback may face
resistance around 0.57 against the kiwi and 1.38 against the
loonie.
The greenback edged up to 1.2132 against the pound and 0.9032
against the franc, reversing from an early low of 1.2216 and a
5-day low of 0.8987, respectively. The greenback is likely to
locate resistance around 1.19 against the pound and 0.92 against
the franc.
The greenback appreciated to a 4-day high of 149.79 against the
yen, off an early 6-day low of 148.73. On the upside, 155.00 is
seen as its next resistance level.
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