Dollar weakens on bad US data

The US$ weakened because of bad data out of the US. Despite equities recovering, the retail sales were weak.

They were expected at 0.2% but came in at -0.3% and PPI came in at -0.9% as oil prices fell as well to weaken the Dollar, it closed $0.31 up to $101.18 at the New York session. The FED who may want to raise interest rates, may want to think again. The Nasdaq was up a little and the down jones was slightly down.  Crude Oil closed up $0.31 ending the New York session at $101.18 per barrel.

The Euro strengthened against the US$ with the bad data coming out of the US. The Euro also strengthened that China may want to move it’s FX reserves into other areas. The July Industrial Production was weaker than expected, coming in at -0.3% against -0.2% which was expected.

The sterling strengthened considerably on the back of weak data in the US. It traded low at 1.7542 and the high of 1.7950 at the end of New York session. This rally mainly depends on CPI figures coming out tomorrow.