Investing.com - The U.S. dollar extended gains against the yen on Monday after official data showed that U.S. retail sales rose more-than-expected in September, increasing for the third successive month.
USD/JPY hit 78.86 during European afternoon trade, the pair’s highest since October 5; the pair subsequently consolidated at 78.79, gaining 0.46%.
The pair was likely to find support at 78.32, the session low and resistance at 79.02, the high of September 6.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
The dollar made gains against the yen earlier in the session after official data over the weekend showed that China’s trade surplus widened in September as export demand increased, easing concerns over a slowdown in the world’s second largest economy.
Meanwhile, uncertainty over whether Spain will request a bailout remained a source of concern.
The dollar was fractionally lower against the euro following the data, with EUR/USD up 0.06% to 1.2960.
Later in the day, the U.S. was to release official data on business inventories.
USD/JPY hit 78.86 during European afternoon trade, the pair’s highest since October 5; the pair subsequently consolidated at 78.79, gaining 0.46%.
The pair was likely to find support at 78.32, the session low and resistance at 79.02, the high of September 6.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
The dollar made gains against the yen earlier in the session after official data over the weekend showed that China’s trade surplus widened in September as export demand increased, easing concerns over a slowdown in the world’s second largest economy.
Meanwhile, uncertainty over whether Spain will request a bailout remained a source of concern.
The dollar was fractionally lower against the euro following the data, with EUR/USD up 0.06% to 1.2960.
Later in the day, the U.S. was to release official data on business inventories.