FX Daily Update

Published 05/14/2015, 12:55 AM
Updated 05/14/2017, 06:45 AM

U.S. Consumers Take a Break
We learned yesterday that Retail Sales stalled in April in the U.S., with no increase compared to March. While many pundits were betting on a rise in spending in the spring, after an especially harsh winter season, consumers decided instead to be thrifty with their purchases. Markets disapproved, with the U.S. Dollar Index (DXY), which is used to rate the performance of the greenback against major currencies, down by 1.5% since the news. The EURO and the CAD are at their highest against the USD since the start of the year. Calling all buyers!

Today’s economic indicators of note will come from the U.S. this morning, with the release at 8:30 a.m. of weekly Initial Jobless Claims, projected to increase to 273,000, as well as the PPI, forecasted to come in at -0.8% for April. In short, other potential bad news for the USD.

Range of the day: 1.1875 – 1.2000

Economic Data

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