Weak Housing Data Causes Dollar To Slip After Strong Retail Data Helps It Gain- 17 July, 2019

Stronger than expected U.S. retail sales helped the dollar index hit a one week high, before sliding slightly on weak housing market data as well as ongoing U.S. China trade conflicts. Versus a basket of six major currencies, the dollar index was steady at 97.200, after dipping 0.2% the previous session when it hit a one week peak at 97.444. Sterling’s slump had also helped the dollar nudge higher, with ongoing Brexit worries causing investors to dump the currency as it fell to a two year low. The dollar is being pressured by an impending rate cut by the Federal Reserve which is widely expected to decrease by 25 basis points. Against the yen, the dollar was steady at 107.945 yen after falling 0.3% overnight. The euro was flat at $1.1228, gaining 0.1% the previous session. The Australian dollar was unchanged at $0.7008, while the New Zealand dollar was just under a three month high hit overnight at $0.6745, as the currency’s gains reach over 5% this week.