Home Economy Dollar falls after weak retail sales data

Dollar falls after weak retail sales data


A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration

The U.S. dollar edged lower against major currencies on Friday after a report that U.S. retail sales unexpectedly stalled in April and as fears of accelerating inflation receded.

The greenback <=USD> was down half a percent against a basket of currencies, last at 90.341, retracing most of the gains made earlier this week after data showed a surprise surge in consumer prices.

The Commerce Department said on Friday that retail sales were unchanged in April after recording a 10.7% surge in March, boosted by stimulus checks. But another acceleration in retail sales is likely in the coming months as the U.S. economy reopens and Americans spend the savings they have been amassing. read more

“The U.S. dollar pared more of its weekly gain Friday after disappointing news on America’s main growth engine, the consumer, added more evidence of an uneven…

Click here for full article…