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U.S. Dollar Recovers On Rising Retail Sales

13.01.17 15:26

BRUSSELS (dpa-AFX) - The U.S. dollar trimmed its recent losses against its major counterparts in the European session on Friday, after data showed that U.

S. retail sales accelerated in December.

Report released from the Commerce Department showed that retail sales climbed by 0.6 percent in December after edging up by a revised 0.2 percent in November.

Economists had expected retail sales to advance by 0.7 percent compared to the 0.1 percent uptick originally reported for the previous month.

Data from the Labor Department showed that U.S. producer price growth came in line with economist estimates in the month of December.

The Labor Department said its producer price index for final demand rose by 0.3 percent in December after climbing by 0.4 percent in November.

Excluding food and energy prices, core producer prices edged up by 0.2 percent in December after rising by 0.4 percent in November. Core prices had been expected to inch up by 0.1 percent.

In a gathering with educators in Washington on Thursday, Fed Chair Janet Yellen sounded optimistic on economy, saying inflation is pretty close to the Fed's objective and labor market remained strong.

In separate speeches, both Philadelphia Fed President Patrick Harker and Chicago Federal Reserve President Charles Evans advocated three hikes in 2017, if economy shows sustained growth.

The currency showed mixed performance in the Asian session. While the greenback rose against the pound and the yen, it dropped against the Swiss franc and the euro.

The greenback bounced off to 1.0095 against the Swiss franc, from a new 5-week low of 1.0043 hit in the immediate aftermath of the data. On the upside, 1.04 is possibly seen as its next resistance level.

The greenback reversed from an early low of 114.15 against the Japanese yen and has rebounded to 114.95. The next possible resistance for the greenback-yen pair is seen around the 116.00 region.

The greenback that declined to 1.0672 against the euro immediately following the data reversed direction and recovered to 1.0621. If the greenback extends rise, it may find resistance around the 1.04 level.

Data from Destatis showed that German wholesale prices increased at the fastest pace since late 2012.

Wholesale prices increased 2.8 percent in December from prior year, the biggest rise since October 2012, when prices climbed 3.1 percent.

The greenback hovered at an early 2-day high of 1.2140 against the pound, after falling to 1.2233 at 6:00 am ET. Further uptrend may take the greenback to a resistance around the 1.19 mark.

Credit Conditions Survey from the Bank of England showed that U.K. banks expect availability of secured credit to households to increase in three months to March.

The secured credit availability to households remained unchanged in three months to December, but it is forecast to rise slightly over the next three months.

Philadelphia Fed President Patrick Harker speaks about economic mobility in Philadelphia at 9:30 am ET.

The University of Michigan's preliminary consumer sentiment index for January and business inventories for November are set for release shortly.

Copyright RTT News/dpa-AFX



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