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Dollar Drifts Lower Against Major Counterparts On Weak Retail Sales Data
(RTTNews) - The U.S. dollar stayed weak against most of its major counterparts on Friday, as data showed retail sales dropped more than expected in the month of January.
According to the report released by the Commerce Department, retail sales slid by 0.9% in January, after a 0.7% jump in December 2024.
Retail sales were expected to edge down by 0.1% in January, compared to the 0.4% increase originally reported for the previous month.
A separate report from the Federal Reserve showed industrial production rose by more than expected in January, although the increase was largely due to a weather-related surge by utilities output.
The Fed said industrial production climbed by 0.5% in January after jumping by an upwardly revised 1% in December. Economists had expected industrial production to rise by 0.3% compared to the 0.9% advance originally reported for the previous month.
The dollar index, which dropped to 106.57 after the release of the retail sales data, recovered some lost ground as the day progressed, but still remained weak at 106.78, down 0.5% from previous close.
Against the Euro, the dollar weakened to 1.0496 from 1.0468. The dollar eased to 1.2588 a unit of Pound Sterling.
Against the Japanese currency, the dollar weakened to 152.34 yen, after settling at 152.80 yen on Saturday. The Aussie firmed against the U.S. dollar, fetching US 0.6356 a unit.
The Swiss franc strengthened to 0.8997 against the greenback. The dollar slipped against the Loonie, fetching C$ 1.4175 a unit, down from C$ 1.4195 on Thursday.
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