Home » Daily Commentaries » USD steady after upbeat retail sales

USD steady after upbeat retail sales

Friday 16 July, 2021

Daily Currency Update

USD - United States DollarThe US dollar tracked slightly higher after upbeat US retail sales numbers. The US Dollar Index was up 0.06%, trading at 92.68 at the time of writing.Retail sales unexpectedly rose 0.6% in June. Analysts had forecasted a decline of 0.4% after the previous month’s number was revised down. The US dollar has enjoyed a steady lift in recent weeks following the US Federal Reserve’s statement in June which hinted at rate hikes sooner than expected.

Key Movers

The pound moved lower against the dollar as investors digested the US data. GBPUSD was down 0.29% at the time of writing. Demand for the safe-haven USD has seen an uptick due to concerns over rising Delta variant cases globally, according to some analysts. The New Zealand dollar gained after data showed domestic consumer prices increased faster than expected. Market participants are leaning towards the possibility of a rate hike as soon as August. NZDUSD was up 0.38%, trading at 0.7010 at the time of writing.The Canadian dollar moved lower against a steady US dollar following upbeat wholesale trade data. USDCAD was up 0.06%, trading at 1.2584 at the time of writing.

Expected Ranges

  • EUR/USD: 1.1793 - 1.182 ▼
  • GBP/USD: 1.3773 - 1.3861 ▼
  • AUD/USD: 0.74 - 0.7441 ▼
  • USD/CAD: 1.256 - 1.2611 ▼