U.S. Dollar Recovers As Retail Sales Fall Less Than Forecast
November 15 2023 - 6:53AM
RTTF2
The U.S. dollar rebounded against its major counterparts in the
New York session on Wednesday, as the nation's retail sales edged
down less than expected in October.
Data from the Commerce Department showed that retail sales
slipped by 0.1 percent in October after jumping by an upwardly
revised 0.9 percent in September.
Economists had expected retail sales to dip by 0.3 percent
compared to the 0.7 percent increase originally reported for the
previous month.
Excluding a decrease in sales by motor vehicle and parts
dealers, retail sales inched up by 0.1 percent in October after
climbing by 0.8 percent in September. Ex-auto sales were expected
to come in unchanged.
The greenback climbed to 1.0831 against the euro and 1.2404
against the pound, from its early lows of 1.0885 and 1.2499,
respectively. The greenback is likely to find resistance around
1.05 against the euro and 1.20 against the pound.
The greenback recovered to 151.24 against the yen and 0.8892
against the franc, reversing from an early 8-day low of 150.04 and
more than a 2-month low of 0.8854, respectively. Next near term
resistance for the greenback is likely seen around 152.00 against
the yen and 0.92 against the franc.
The greenback rebounded to 0.6010 against the kiwi and 0.6491
against the aussie, up from an early 5-week low of 0.6054 and more
than a 3-month low of 0.6541, respectively. The greenback is seen
finding resistance around 0.58 against the kiwi and 0.62 against
the aussie.
In contrast, the greenback weakened against the loonie, touching
a 9-day low of 1.3654. If the currency slides again, it may find
support around the 1.34 area.
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