XPDUSD Exchange Rate

The Commerce Department released a report on Wednesday showing a modest decrease in business inventories in the U.S. in the month of March. The report said business inventories edged by 0.1 percent in March after climbing by 0.3 percent in February. The dip matched economist estimates.

With higher mortgage rates weighing on sentiment, the National Association of Home Builders released a report on Wednesday showing an unexpected deterioration in U.S. homebuilder confidence in the month of May. The report said the NAHB/Wells Fargo Housing Market Index tumbled to 45 in May from 51 in April. Economists had expected the index to come in unchanged.

The Federal Reserve Bank of New York released a report on Wednesday showing regional manufacturing activity unexpectedly contracted at a slightly faster rate in the month of May. The New York Fed said its general business conditions index edged down to a negative 15.6 in May from a negative 14.3 in April, with a negative reading indicating contraction.

With a decrease in sales by motor vehicle and parts dealers offsetting increases in sales by other retailers, the Commerce Department released a report on Wednesday showing U.S. retail sales unexpectedly came in flat in the month of April. The Commerce Department said retail sales were virtually unchanged in April after climbing by a downwardly revised 0.6 percent in March.