Dollar Lower on Disappointing US Retail Sales Data

Repost This

Geneva, CH -- (SBWIRE) -- 02/19/2014 -- The Greenback traded lower against all major currencies on Thursday after disappointing US retail sales data reminded investors of Yellen testimony that the pace of asset purchases is not on a “preset course” and the Fed will take its time to cut stimulus programs, while interest rates to remain close to zero. During early Asian session, the USD was down against JPY, GBP, CHF, EUR, CAD, AUD and NZD.

The Commerce Department reported earlier that US retail sales fell 0.4% in January, lower than expectations for a 0.3% increase. Core retail sales came in flat in January compared to expectations for a 0.1% rise. Elsewhere, the Department of Labor reported that the number of individuals who filed for unemployment assistance in the U.S. last week rose by 8,000 to 339K from the previous week’s total of 331K. Analysts had expected jobless claims to fall by 1,000. The pitiable data remind investors that the US economic recovery is still not up to mark and that the Fed will take its time to cut its USD65 billion bond-buying program, while hiking interest is not on the horizon.

Ahead of the coming week, below is a list of significant events likely to affect the markets.

Friday: China CPI; Euro GDP

For more Forex Signals login to iFexx website.