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Dollar slips below 100 as traders look to US retail sales
The US Dollar Index fell back under 100.00 after softer US PPI and stronger weekly jobless claims, while Cleveland Fed President Beth Hammack reiterated a call to raise rates.
The US dollar softened Friday, with the US Dollar Index slipping back below the 100.00 level after Thursday's lower-than-expected US Producer Price Index data and a higher-than-expected weekly Jobless Claims print, FXStreet reported. The move pared back expectations for additional Federal Reserve tightening.
Despite the broader dollar pullback, hawkish remarks from Cleveland Fed President Beth Hammack helped limit losses, as she repeated her call to raise rates, according to FXStreet.
In the majors, EUR/USD held gains in the low-1.1500s ahead of the Eurozone's preliminary second-quarter GDP report, while GBP/USD remained below 1.3500 and AUD/USD stayed firm around 0.7060 on a softer greenback. FXStreet also noted gold eased toward $4,350 per troy ounce as the metal pulled back from recent highs, while West Texas Intermediate oil extended its decline toward $81.00 per barrel.
The day is also set up for a data-heavy US session, with July retail sales, including the closely watched Control Group, followed by the preliminary Michigan Consumer Sentiment Index and attention on one- and five-year inflation expectations. FXStreet said a soft retail sales outcome could add to a recent run of cooling US data.
Latest closeGold $4,467.10 ▲1.9%|EUR/USD 1.153 ▼0.2%|GBP/USD 1.349 ▼0.1%