Dollar rises on retail sales boost
Updated at 2:28 p.m. ET/ 1828 GMT
By Chuck Mikolajczak
NEW YORK, July 16 (Reuters) -The dollar rose on Tuesday, on track for a second straight daily gain, after a reading of retail sales proved to be firmer than expected, but was still soft enough to keep expectations intact for a rate cut from the Federal Reserve this year.
U.S. retail sales were unchanged in June, topping expectations of economists polled by Reuters for a decline of 0.3%, as a drop in receipts at auto dealerships was offset by strength elsewhere, a show of consumer resilience that boosts economic growth prospects for the second quarter.
"It isn't so much the overall number, but it's the ex-autos number, which was up considerably more than expected," said Joseph Trevisani, senior analyst at FX Street in New York.
"The auto sales are being depressed by interest rates so aside from that and of course the housing market, it looks like the consumer's still doing pretty well and we all know that's the base of the U.S. economy."
Other data showed import priceswere unchanged in June, as a rebound in the price of food was offset by lower energy prices, giving the Fed cushion to cut interest rates this year.
The dollar index =USD, which measures the greenback against a basket of currencies, gained 0.07% at 104.31, but was off its earlier high of 104.51. Against the Japanese yen JPY=, the dollar strengthened 0.28% at 158.46.
While markets only see a slim chance for a rate cut of at least 25 basis points (bps) by the Fed at its July meeting, a cut is being fully priced in for the September meeting, according to CME'sFedWatch Tool.
Sterling GBP= weakened 0.07% at $1.2957 ahead of British inflation data due on Wednesdaywhile the euro EUR= shed 0.03% at $1.0891 ahead of aEuropean Central Bank (ECB) policy meeting scheduled forThursday.
The ECB islargely expected to keep rates steady, putting the focus on comments from President Christine Lagarde for clues on the timing of the next rate cut following a 25 bps reduction in June.
On Monday, Federal Reserve Chair JeromePowell said the second quarter's three U.S. inflation readings "add somewhat to confidence" that the pace of price increases is returning to the Fed's targetin a sustainable way.
The Canadian dollar CAD= strengthened 0.03% versus the greenback at 1.37 per dollar, bouncing back from a drop of as much as 0.21%, after the country's slower-than-expectedrise in consumer prices in June bolstered expectations that yet another rate cut by the Bank of Canada may be in the offing next week.
Cryptocurrencies rose modestly following a rally in the prior session, along with shares of companies that could benefit from a Trump presidency, after an assassination bid on the Republican candidate boosted expectations that he would win the November election.
Bitcoin BTC= gained 1.58% at $64,780.28 whileethereum ETH= rose 0.83% at $3463.60.
World FX rates https://tmsnrt.rs/2RBWI5E
Monthly change in US core retail sales https://reut.rs/3y2vtM7
Annual change in US import and export prices https://reut.rs/3LrYYKm
Canada's inflation and interest rates https://reut.rs/3zG0WUF
Monthly change in US retail sales https://reut.rs/3LoLvTt
Reporting by Chuck Mikolajczak; Editing by Andrea Ricci and Nick Zieminski
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
