Breaking News

Dollar rangebound, retail sales data lifts Canadian dollar

ForexJul 23, 2013 10:52AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Investing.com - The dollar was trading in narrow ranges against most of the other major currencies on Tuesday, while the Canadian dollar was boosted after the release of better-than-expected Canadian retail sales data for May.

During U.S. morning trade, the dollar pushed higher against the yen, with USD/JPY climbing 0.12% to 99.77, up from session lows of 99.15.

The dollar came under pressure earlier in the trading day after data on Monday showing that U.S. existing home sales fell unexpectedly in June dampened expectations that the Federal Reserve will start scaling back its asset purchase program this year.

Last week Fed Chairman Ben Bernanke said the bank could start tapering bond buying by the end of the year if the economy continues to improve, but added that there was no “preset course.”

In Japan, the government upgraded its assessment of the economy for the third consecutive month in July, saying "areas of self-sustaining recovery can be observed."

In its monthly economic report, the government also said consumer prices are “leveling off," indicating that deflation is abating.

The dollar fell to session lows against the euro, with EUR/USD rising 0.19% to 1.3212.

Trade remained quiet as volumes in foreign exchange markets were lower due to the summer holidays.

Elsewhere, the dollar was little changed against the pound and the Swiss franc, with GBP/USD inching up 0.02% to 1.5371 and USD/CHF dipping 0.02% to 0.9362.

The greenback fell to almost five-week lows against the Canadian dollar, with USD/CAD down 0.41% to 1.0292 after official data showed that Canadian retail sales comfortably beat expectations in May.

Statistics Canada said retail sales jumped 1.9% from a month earlier in May, well above expectations for a 0.4% gain, while core retail sales rose 1.2%, compared to expectations for a 0.1% increase.

The greenback was slightly lower against its Australian and New Zealand counterparts, with AUD/USD up 0.12% to 0.9259 and NZD/USD easing up 0.09% to 0.7977.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.23% to 82.14.

Dollar rangebound, retail sales data lifts Canadian dollar

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email