U.S. Dollar Recovers As Retail Sales Fall Less Than Forecast

The U.S. dollar rebounded against its major counterparts in the New York session on Wednesday, as the nation's retail sales edged down less than expected in October.

Data from the Commerce Department showed that retail sales slipped by 0.1 percent in October after jumping by an upwardly revised 0.9 percent in September.

Economists had expected retail sales to dip by 0.3 percent compared to the 0.7 percent increase originally reported for the previous month.

Excluding a decrease in sales by motor vehicle and parts dealers, retail sales inched up by 0.1 percent in October after climbing by 0.8 percent in September. Ex-auto sales were expected to come in unchanged.

The greenback climbed to 1.0831 against the euro and 1.2404 against the pound, from its early lows of 1.0885 and 1.2499, respectively. The greenback is likely to find resistance around 1.05 against the euro and 1.20 against the pound.

The greenback recovered to 151.24 against the yen and 0.8892 against the franc, reversing from an early 8-day low of 150.04 and more than a 2-month low of 0.8854, respectively. Next near term resistance for the greenback is likely seen around 152.00 against the yen and 0.92 against the franc.

The greenback rebounded to 0.6010 against the kiwi and 0.6491 against the aussie, up from an early 5-week low of 0.6054 and more than a 3-month low of 0.6541, respectively. The greenback is seen finding resistance around 0.58 against the kiwi and 0.62 against the aussie.

In contrast, the greenback weakened against the loonie, touching a 9-day low of 1.3654. If the currency slides again, it may find support around the 1.34 area.

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