Strong Retail Data Helps Dollar Firm – 16 June, 2020

A larger than expected jump in U.S. retail sales helped steady the dollar against major currencies as fears of a second wave kept them down. After rising roughly 0.4% this week, the dollar index last stood at 97.003. The Australian dollar lost momentum and slipped 0.4% to $0.6861, while the euro fell from last week’s three month high of $1.14225, dropping 0.5% to $1.12635. The yen was little changed against the dollar at 107.39 yen. U.S. retail sales data released this week far surpassed analysts expectation of a 8.0% jump, instead it showed a 17% increase last month, recouping March and April’s 63% decrease and gave hope for a fast economic recovery.