U.S. Dollar Edges Lower Following Slew Of Economic Data
With traders digesting a mixed bag of U.S. economic data, the U.S. has moved modestly lower on Friday. The U.S. dollar index has edged down by 0.2 percent on the day.
The U.S. dollar is trading at 106.63 yen versus the 106.93 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1837 compared to yesterday’s $1.1814.
The modest weakness for the greenback came following the release of a report from the Commerce Department showing retail sales jumped by less than expected in July amid a pullback in auto sales.
The Commerce Department said retail sales advanced by 1.2 percent in July after soaring by an upwardly revised 8.4 percent in June.
Economists had expected retail sales to jump by 1.9 percent compared to the 7.5 percent spike originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales surged up by 1.9 percent in July after skyrocketing by 8.3 percent in June. Ex-auto sales were expected to increase by 1.3 percent.
Meanwhile, the Federal Reserve released a separate report showing a jump in U.S. industrial production in the month of July that matched economist estimates.
The Fed said industrial production surged up by 3.0 percent in July after soaring by an upwardly revised 5.7 percent in June.
Economists had expected production to jump by 3.0 percent compared to the 5.4 percent spike originally reported for the previous month.
Despite the substantial increases seen over the past two months, the Fed noted production is still 8.4 percent below its pre-pandemic February level.
A preliminary reading released by the University of Michigan also unexpectedly showed a slight improvement in U.S. consumer sentiment in the month of August.
The report said the consumer sentiment index inched up to 72.8 in August from 72.5 in July. The uptick surprised economists, who had expected the index to edge down to 72.0.