U.S. dollar lower on weaker retail sales data

Weekly synopsis

The U.S. dollar dropped versus its major counterparts last Friday, with the expectations for a rate hike by the FED increasing the most following the retail sales and inflation data releases in the U.S.

U.S. dollar weakens on lower retail sales

The retail sales in the U.S. appreciated lower than the estimations in April, increasing the doubts whether the Federal Reserve will raise rates, as the core inflation declined.

As per the Commerce Department, April's retail sales climbed 0.4%, lower than the estimations for a 0.6% rise.

According to the Labour Department, the yearly rate of inflation slowed from 2.4% in March to 2.2% in April.

Consumer prices appreciated 0.2% in April and managed to rebound from March's 0.3% fall.

The EUR/USD traded to 1.0931 rising 0.64%, the USD/JPY to 113.37 declining 0.43%, the GBP/USD to 1.2888, and the USD/CAD reached the 1.3715 zone appreciating 0.12%. The U.S. dollar index approached the 99.05 zone.

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