US dollar mixed on economic data

US dollar mixed on economic data

New York: The US dollar traded mixed against other major currencies as investors were sifting through the latest economic data from the country.

Advance estimates of US retail and food services sales for February 2018 came in at $492 billion, a decrease of 0.1 per cent from the previous month, missing market consensus of a 0.4-per cent gain, the Commerce Department said on Wednesday.

In late New York trading, the euro decreased to $1.2374 from $1.2397 in the previous session, and the British pound fell to $1.3972 from $1.3977 in the previous session. The Australian dollar increased to $0.7881 from $0.7867, Xinhua reported.

The US dollar bought 106.29 Japanese yen, lower than 106.64 Japanese yen of the previous session. The US dollar was up to 0.9448 Swiss franc from 0.9439 Swiss franc, and it decreased to 1.2941 Canadian dollars from 1.2942 Canadian dollars.

“Retail sales continue to disappoint, especially the biggest ticket auto and furniture components. GDP estimates will be revised down again,” said Chris Low, chief economist at FTN Financial, in a note.

Meanwhile, the Producer Price Index for final demand advanced 0.2 per cent in February, seasonally adjusted, in line with market estimates, the US Labor Department reported .

On an unadjusted basis, the final demand index increased 2.8 per cent for the 12 months ended in February.

The dollar index, which measures the greenback against six major peers, increased 0.06 per cent at 89.731 in late trading.


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