U.S. Dollar Strengthens After Strong Retail Sales Data
November 15 2024 - 6:44AM
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The U.S. dollar climbed against its most major counterparts in
the New York session on Friday, following the release of the latest
batch of economic data, including a Commerce Department report
showing retail sales increased by slightly more than expected in
October.
The Commerce Department said retail sales rose by 0.4 percent in
October after growing by an upwardly revised 0.8 percent in
September.
Economists had expected retail sales to climb by 0.3 percent
compared to the 0.4 percent increase originally reported for the
previous month.
Excluding a surge in sales by motor vehicle and parts dealers,
retail sales inched up by 0.1 percent in October after jumping by
1.0 percent in September. Ex-auto sales were expected to rise by
0.3 percent.
The Labor Department also released a report showing an
unexpected increase by import prices in the U.S. in the month of
October, which may added to recent worries about stick
inflation.
The report said import prices rose by 0.3 percent in October
after falling by 0.4 percent in September. Economists had expected
import prices to edge down by 0.1 percent.
The greenback recovered to 0.8900 against the franc and 1.0522
against the euro, from an early low of 0.8866 and a 2-day low of
1.0592, respectively. The next possible resistance for the currency
is seen around 0.90 against the franc and 1.03 against the
euro.
The greenback recovered to 0.6442 against the aussie and 0.5847
against the kiwi, off its early lows of 0.6481 and 0.5881,
respectively. The currency is poised to challenge resistance around
0.63 against the aussie and 0.57 against the kiwi.
The greenback climbed to a 4-1/2-year high of 1.4105 against the
loonie. The currency is likely to locate resistance around the 1.43
level.
The greenback touched 1.2613 against the pound, its highest
level since June 27. If the currency rises further, it is likely to
test resistance around the 1.24 region.
In contrast, the greenback weakened to a 2-day low of 154.62
against the yen, from an early nearly 4-month high of 156.74. The
currency may challenge support around the 147.00 level.
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