Investing.com – The euro erased gains against the U.S. dollar on Wednesday, following a report showing that U.S. retail sales rose modestly in March, as rising gasoline prices compensated for a steep decline in automobile sales.
EUR/USD retreated from 1.4520, a 15-month high, to hit 1.4467 during U.S. morning trade, dipping 0.06%.
The pair was likely to find support at 1.4376, Tuesday’s low and short-term resistance at 1.4520, the day’s high.
The Commerce Department said retail sales rose for the ninth consecutive month in March, rising 0.4% to a seasonally adjusted USD396.3 billion, slightly less than the 0.5% gain analysts expected.
February’s sales growth was revised up to 1.1%, up from 1.0% the report said.
Core retail sales, which excluded a 1.7% decrease in motor vehicles sales, rose 0.8% to USD 319.9 billion, largely in line with the 0.7% growth that economists had expected.
Sales at gasoline stations were up 2.6% as pump prices increased. Excluding gasoline, retail sales rose just 0.1% in March after a 0.9% rise the prior month.
The euro also dipped against the pound, with EUR/GBP easing down 0.02% to hit 0.8903.
Also Wednesday, official data showed that industrial production in the euro zone rose for the fifth consecutive month in February, climbing 0.4%, double the previous month's downwardly-revised rate but disappointing economists' predictions for a 0.8% gain.
EUR/USD retreated from 1.4520, a 15-month high, to hit 1.4467 during U.S. morning trade, dipping 0.06%.
The pair was likely to find support at 1.4376, Tuesday’s low and short-term resistance at 1.4520, the day’s high.
The Commerce Department said retail sales rose for the ninth consecutive month in March, rising 0.4% to a seasonally adjusted USD396.3 billion, slightly less than the 0.5% gain analysts expected.
February’s sales growth was revised up to 1.1%, up from 1.0% the report said.
Core retail sales, which excluded a 1.7% decrease in motor vehicles sales, rose 0.8% to USD 319.9 billion, largely in line with the 0.7% growth that economists had expected.
Sales at gasoline stations were up 2.6% as pump prices increased. Excluding gasoline, retail sales rose just 0.1% in March after a 0.9% rise the prior month.
The euro also dipped against the pound, with EUR/GBP easing down 0.02% to hit 0.8903.
Also Wednesday, official data showed that industrial production in the euro zone rose for the fifth consecutive month in February, climbing 0.4%, double the previous month's downwardly-revised rate but disappointing economists' predictions for a 0.8% gain.