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Dollar rises as retail sales meet estimates, boosting USD outlook
June retail sales rose 0.2% month over month and initial jobless claims came in below forecasts, while pending home sales fell 5.4%.
The U.S. dollar edged higher as traders reacted to a retail sales report that matched analyst expectations, according to Yahoo Finance. Retail sales increased 0.2% month over month in June. Retail sales excluding autos fell 0.2% month over month, compared with an expected decline of 0.1%.
Traders also weighed initial jobless claims, which totaled 208,000 for the latest week versus analyst consensus of 217,000. Yahoo Finance said the labor market reading was viewed as supportive for the dollar.
The dollar index climbed above the 100.50 to 100.65 support area and was attempting to settle above 100.75, with a potential move toward the 50-day moving average near 100.92 if the level holds. The next resistance was cited around 101.15 to 101.30.
In the currency pairs, Yahoo Finance said EUR/USD pulled back as attention shifted to U.S. pending home sales, which dropped 5.4% month over month in June versus an expected 0.5% decline. GBP/USD weakened as traders focused on UK GDP and industrial output, while USD/CAD was described as mostly flat despite weakness in precious metals, with gold slipping below $4,000 and silver testing support around $56.
Latest closeGold $3,981.40 ▼1.6%|Silver $55.72 ▼2.4%|EUR/USD 1.145 ▼0.2%