Strong Retail Sales, Falling Jobless Claims Buoys U.S. Dollar

Date : 18/04/2019 @ 12h05
Source : RTTF2
Valeur : Australian Dollar vs United States Dollar (AUDUSD)
Cours : 0.684215  -0.000775 (-0.11%) @ 07h05
AUD vs US Dollar Cours Graphique

Strong Retail Sales, Falling Jobless Claims Buoys U.S. Dollar

AUD vs US Dollar (FX:AUDUSD)
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1 an : De Oct 2018 à Oct 2019

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The U.S. dollar strengthened against its major counterparts in the European session on Thursday, as the nation's retail sales grew more than expected in March, while jobless claims touched near a 50-year low in the week ended April 13, signaling a pickup in economic growth in the first quarter.

Data from the Commerce Department showed that U.S. retail sales spiked much more than expected in March.

The Commerce Department said retail sales soared by 1.6 percent in March after edging down by 0.2 percent in February. Economists had expected retail sales to climb by 0.9 percent.

Excluding a jump in sales by motor vehicle and parts dealers, retail sales still surged up by 1.2 percent in March following a revised 0.2 percent dip in February.

Ex-auto sales had been expected to increase by 0.7 percent compared to the 0.4 percent drop originally reported for the previous month.

Data from the the Labor Department showed that first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended April 13, with jobless claims falling to a nearly 50-year low.

The report said initial jobless claims dipped to 192,000, a decrease of 5,000 from the previous week's revised level of 197,000.

Economists had expected jobless claims to rise to 205,000 from the 196,000 originally reported in the previous week.

Investors await U.S business inventories for February and leading economic indicators for March, due at 10 am ET. Economists expect inventories to climb by 0.4 percent and leading index to rise by 0.3 percent.

The greenback traded mixed against its major counterparts in the Asian session. While it fell against the pound and the yen, it held steady against the franc and the euro.

The greenback appreciated to near a 2-week high of 1.2993 against the pound, after falling to 1.3053 at 1:45 am ET. The greenback is likely to find resistance around the 1.28 level, if it rises further.

Data from the Office for National Statistics showed that UK retail sales grew at a faster rate than expected in March.

Retail sales grew 1.1 percent month-on-month in March, after a 0.6 percent rise in February. Economists had forecast a 0.4 percent decline.

The greenback spiked up to 1.0138 against the franc, a level unseen since March 2017. The greenback is seen finding resistance around the 1.04 level.

Data from the Federal Customs Administration showed that Switzerland's exports slowed in March after rising in the previous month, while imports decreased further.

Exports edged up a real 0.1 percent month-on-month in March, after a 1.5 percent rise in February.

The greenback rebounded to 112.03 against the yen, from a 6-day low of 111.77 hit at 4:00 am ET. On the upside, 113.00 is possibly seen as the next resistance level for the greenback.

The greenback strengthened to an 8-day high of 1.1236 against the euro from yesterday's closing value of 1.1293. Further uptrend is likely to take the greenback to a resistance around the 1.10 area.

Flash data from the IHS Markit showed that Eurozone private sector expanded at the slowest pace for the second successive month in April as manufacturing contracted and service sector growth slowed.

The Eurozone Composite Purchasing Managers' Index fell to a three-month low of 51.3 from 51.6 in March.

The greenback climbed to 2-day highs of 1.3400 against the loonie and 0.7149 against the aussie, from its early lows of 1.3333 and 0.7198, respectively. The greenback is poised to find resistance around 1.35 against the loonie and 0.70 against the aussie.

Reversing from a low of 0.6730 hit at 6:15 pm ET, the greenback edged up to 0.6679 against the kiwi. Next likely resistance for the greenback is seen around the 0.65 level.

The U.S business inventories for February and leading economic indicators for March are due at 10 am ET.

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