Dollar rises after weak US economic data

US, WASHINGTON (ORDO NEWS) — A runaway on safe assets pushed the dollar higher on Thursday after gloomy retail and industrial data showed the extent of the collapse in US economic activity caused by the outbreak of coronavirus.

The dollar added 0.19% to 99.83 against a basket of major currencies.

Against the euro, the dollar strengthened 0.23% to $ 1.0882.

Against the Japanese yen, the US currency rose 0.37% to 107.87.

Against the pound, the dollar rose 0.23% to $ 1.2485.

“The dollar has maintained its momentum after yesterday’s US data,” said Kazusige Kaida, head of the currency department of Tokyo Branch of State Street. “But the main player in the market right now is short-term leverage traders … But not many investors take part in this,” he added.

The Australian dollar fell 0.6% to $ 0.6283.

The New Zealand dollar lost 0.7% to $ 0.5956.

The Canadian dollar was trading without sharp fluctuations at 1.4122 per US dollar.

The Mexican peso dropped 1.6% to 24.4000.

US retail sales fell 8.7% in March from the previous month, the Commerce Department said.

US industrial production fell 5.4% in March from the previous month, the Federal Reserve said.


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