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USD Down on Weak Retail Sales, EU Summit Takes Center Stage

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The dollar slid against most of the other G10 currencies, feeling the heat of the disappointing US retail sales data for September. The data added to fears of an economic downturn due to the US-China trade conflict and thereby, increased the chances of another Fed cut at the Committee’s upcoming gathering. The pound was once again among the gainers, but trading in a rollercoaster manner due to conflicting headlines surrounding a potential Brexit deal. Today, the EU summit begins, and GBP-traders will be sitting on the edge of their seats in anticipation of whether any kind of accord could be agreed or not.

USD Slides on Disappointing Retail Sales, AUD Up on Employment Data

The dollar traded lower against most of the other G10 currencies on Wednesday and during the Asian morning Thursday. It gained only against NOK and JPY, while it was found virtually unchanged versus CAD. The main winners were AUD, GBP and CHF in that order.

Yesterday, the greenback felt the heat of the US retail sales for September, which fell well short of their respective forecasts. Specifically, headline sales contracted...

Read the full financial markets daily report on JFD Research.

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Source: https://www.jfdbank.com/en/research/usd-down-on-weak-retail-sales-eu-summit-takes-center-stage-20191017
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