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Forex - Dollar little changed vs. euro, yen after U.S. data

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Investing.com -

Investing.com - The dollar little changed against the euro and the yen on Thursday after data showed that U.S. retail sales rose less than expected in May but the previous month was revised higher and a separate report showed that initial jobless claims rose only slightly last week.

USD/JPY was almost unchanged at 102.01, holding above the more than one-week low of 101.85 struck in the previous session.

The Labor Department reported that the number of people filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000. The consensus forecast had been for a decline of 3,000.

The unexpected increase in jobless claims was not seen as altering the view that the labor market is continuing to gradually improve.

At the same time, the Commerce Department said U.S. retail sales rose 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

Core retail sales, which exclude automobile sales, eased up 0.1% in May, disappointing forecasts for a 0.2% increase. Core sales in April were revised up to 0.4% from a previously reported flat reading.

EUR/USD was steady at 1.3538, not far from the four-month low of 1.3502 set last Thursday.

The euro has weakened broadly since the European Central Bank cut all its main rates to record lows last Thursday and imposed negative deposit rates on commercial lenders for the first time, in a bid to stave off the risk of deflation in the euro zone.

The single currency showed little reaction earlier in the day after official data showed that industrial production in the region rose 0.8% in April, ahead of forecasts for a 0.4% increase.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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