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Dollar Climbs As Traders Focus On Weak Chinese Retail Sales


Thursday, 16 July 2020 15:55 WIB

DOLLAR


The U.S. dollar strengthened on Thursday as investors focused on poor Chinese retail sales instead of its stronger than expected economic growth last quarter, with the focus now shifting more to a European Union summit this weekend.

The European Central Bank meeting later in the day will most likely be overshadowed by the summit, at which European countries are expected to vote on a 750 billion euro recovery fund proposed by the European Commission to revive euro area growth.

The euro was last trading down 0.1% at $1.1401, though against the safe-haven Japanese yen, the dollar was trading neutral at 106.95.

The biggest mover was the British pound as it remained strongly correlated to risky assets, falling last by 0.3% to $1.2548.

The growth-sensitive Australian dollar slipped under 70 cents after the data and was last down 0.2% at 69.92 versus the greenback.

Elsewhere, the Norwegian crown fell by 0.6% both against the dollar and the euro to 9.3290 and 10.6345 respectively.

Source : Reuters


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