Investing.com - The dollar was higher against the yen and the
euro on Monday after data showing that U.S. retail sales rose
unexpectedly in April bolstered the outlook for the U.S. recovery.
During U.S. morning trade, the dollar was hovering close to
four-and-a-half year highs against the yen, with USD/JPY rising
0.17% to 101.78, after climbing as high as 102.16 earlier Monday.
The Commerce Department said U.S. retail sales rose 0.1% in April,
confounding expectations for a 0.3% decline. The previous months
figure was revised down to 0.5% from 0.4%.
Core retail sales, which exclude automobile sales, fell by 0.1%
last month, in line with expectations.
The dollar remained broadly stronger amid speculation over a
possible near-term exit from the Federal Reserve's asset purchase
program after recent strong U.S. employment data indicated that the
economic outlook is improving.
The yen slumped to its lowest level against the dollar since
October 2008 during the Asian session after finance ministers from
the Group of Seven industrialized economies refrained from
criticizing Japan over policies which have resulted in a weaker
The dollar was trading close to one-month lows against the euro,
with EUR/USD dipping 0.04% to 1.2983.
The single currency remained under pressure after a member of the
European Central Bank's governing council said the bank could cut
its deposit rate into negative territory. The deposit rate is the
rate paid by the ECB on overnight deposits by euro zone banks.
The pound edged lower against the dollar, with GBP/USD slipping
0.09% to 1.5347.
The dollar was little changed against the Swiss franc with USD/CHF
inching down 0.04% to 0.9568.
Retail sales in Switzerland fell 0.9% in March compared to a year
earlier, official data on Monday showed, confounding expectations
for a 0.8% increase.
The greenback was broadly higher against its Australian, New
Zealand and Canadian counterparts, with AUD/USD down 0.52% to
0.9967, NZD/USD losing 0.48% to trade at 0.8262 and USD/CAD dipping
0.08% to 1.0097.
The Aussie fell below parity against the greenback to trade at
11-month lows after official data showed that industrial production
in China rose 9.3% in April, below expectations for a 9.5%
The dollar index, which tracks the performance of the greenback
versus a basket of six other major currencies, edged up 0.11% to
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