Greenback is lower today, thanks to the latest economic news. Disappointments in the jobless claims report and in the latest retails sales data are weighing on the US dollar. There are also worries that the world’s most popular currency might be losing some of its appeal.
US dollar is struggling today, thanks in large part to the disappointing economic data just released. According to the US Commerce Department, retail sales fell 0.4 per cent in January, seasonally adjusted. On top of that, the latest jobless claims data shows an increase. Many had expected jobless claims to fall for the last week, but the report from the Labor Department has dashed those expectations.
It appears that things aren’t looking as rosy for the US economy, and that might mean the Federal Reserve will put off some of its tightening moves. The greenback is lower as a result of this news, struggling against most of its major counterparts, dropping especially against European currencies. Additionally, some think that the greenback is losing some of its safe have appeal.
At 13:58 GMT the US dollar index is dropping, and is down to 80.2880 from the open at 80.6820. EUR/USD is high today, up to 1.3668 from the open at 1.3593. GBP/USD is also on the rise, gaining to 1.6649 from the open at 1.6592. USD/JPY is lower, dropping to 101.8450 from the open at 1022.4965.
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