Dismal U.S. Retail Sales Send Dollar Down

Date : 10/16/2019 @ 11:21AM
Source : RTTF2
Stock : United States Dollar vs Swiss Franc (USDCHF)
Quote : 0.943305  -0.00248 (-0.26%) @ 1:04PM
US Dollar vs CHF share price Chart

Dismal U.S. Retail Sales Send Dollar Down

US Dollar vs CHF (FX:USDCHF)
Forex Chart

From Jul 2019 to Jul 2020

Click Here for more US Dollar vs CHF Charts.

Unexpected decline in the U.S. retail sales in September dragged the U.S. dollar down in the European session on Wednesday.

Data from the Commerce Department showed that retail sales fell by 0.3 percent in September after climbing by an upwardly revised 0.6 percent in August.

Economists had expected sales to rise by 0.3 percent.

Excluding a notable pullback in auto sales, retail sales still edged down by 0.1 percent in September after rising by a revised 0.2 percent in August.

Economists had expected ex-auto sales to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Continued uncertainty about a possible U.S.-China trade deal undermined sentiment.

New media reports raised questions about the "phase one" deal announced by President Donald Trump last week.

A Wall Street Journal report noted questions remain about how much U.S. agricultural products China intends to buy and the time frame for the purchases, while a Bloomberg report said China wants tariffs rolled back before it moves forward.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the franc and the yen, it was steady against the euro. Versus the pound, it rose.

The greenback fell to 108.56 against the yen, from a high of 108.87 hit at 5:15 pm ET. The currency is likely to find support around the 106.00 mark, if it weakens further.

The greenback hovered at a 2-day low of 0.9960 against the franc, after rising to 0.9991 at 5:15 am ET. Next near term support for the greenback is likely seen around the 0.98 level.

The greenback weakened to 1.2839 against the pound, its lowest since May 13. Further downtrend is likely to lead the currency to a support around the 1.30 region.

Data from the Office for National Statistics showed that UK consumer price inflation remained in September and factory gate price inflation was the weakest in three years.

Consumer prices advanced 1.7 percent year-on-year, the same pace of growth as seen in August. The rate was forecast to rise to 1.8 percent.

On the other hand, the greenback held steady against the euro, following a 5-day decline to 1.1060 at 2:15 am ET. The pair had ended Tuesday's trading at 1.1033.

Data from Eurostat showed that Eurozone inflation eased more than initially estimated in September.

Inflation slowed to 0.8 percent in September from 1 percent in August. Price growth was initially estimated at 0.9 percent.

The greenback appreciated to 1.3233 against the loonie, reversing from a 2-day low of 1.3195 it touched at 5:15 pm ET. The greenback is seen facing resistance around the 1.35 level.

The greenback climbed to a 6-day high of 0.6723 versus the aussie from Tuesday's closing value of 0.6752. On the upside, 0.63 is likely seen as the next resistance level for the greenback.

Following a 2-day decline to 0.6319 against the kiwi at 5:45 pm ET, the greenback reversed direction, reaching a 2-week high of 0.6241. The greenback is poised to find resistance around the 0.60 region.

Data from Statistics New Zealand showed that New Zealand consumer prices rose 0.7 percent on quarter in the third quarter of 2019 - surpassing expectations for an increase of 0.6 percent, which would have been unchanged from the previous three months.

Housing and household utilities rose 1.2 percent on quarter, influenced by higher prices for property rates and related services.

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts
Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20200702 12:19:36