Dollar off highs after U.S. retail sales miss
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The dollar came off highs against the other major currencies on Monday after U.S. retail sales missed expectations in June, fuelling fears that the economic recovery is losing momentum.
During European afternoon trade, the dollar trimmed gains against the euro, with EUR/USD down 0.17% to 1.3043, up from lows of 1.2994.
The Commerce Department said U.S. retail sales rose 0.4% in June, slowing from a 0.5% increase in May and undershooting expectations for a 0.8% increase.
Core retail sales, which exclude automobile sales, were flat last month, compared to expectations for a 0.4% increase.
The data came after Federal Reserve Chairman Ben Bernanke said last week that the U.S. economy still needs monetary stimulus. The comments saw investors reassess expectations that the Fed will start to unwind its USD85 billion-a-month bond buying program later this year.
Elsewhere, the dollar retreated from session highs against the pound, with GBP/USD down 0.07% to 1.5095, after rising as high as 1.5028 earlier.
The dollar also pared gains against the yen, with USD/JPY up 0.84% to 100.06, down from highs of 100.48. The dollar strengthen against the yen earlier after data showed that Chinese economic growth met expectations in the second quarter, easing concerns over a slowdown in the world’s second largest economy.
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