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U.S Dollar Propels High On Strong Retail Data

Mount Equity Group Tokyo, Japan > News > Markets > U.S Dollar Propels High On Strong Retail Data

As a result of better-than-forecast retail sales data released recently, the greenback reached three-week peaks on Friday, boosting expectations for the Federal Reserve to reduce asset purchases before the end of the year.

US retail sales unexpectedly rose 0.7% in August despite expectations of a 0.8% decline, data showed on Thursday, fueling speculation about a Fed taper this year. The sentiment of business owners has also improved significantly.

As for the Michigan consumer sentiment survey for September, it rose to 71 from 70.3 last month but did not reach the levels of the Empire States and Philadelphia Fed manufacturing surveys.

US dollar demand has been awakened by expectations of a Fed taper announcement and softer risk sentiment.

This is the highest level since the third week of August for the dollar index used basically to measure how the greenback is doing against six major currencies. At last check, it was up 0.4% at…

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