Dollar Battered By European Rivals

Dollar Battered By European Rivals

The dollar weakened versus European rivals but edged higher against the yen Friday, as traders weighed a slew of U.S. economic data.

The dollar slumped to $1.20 versus the euro before finding its feet near $1.1925. Losses were more pronounced versus the sterling, as the dollar dropped to $1.3570. Versus the yen, the buck improved to Y110.

U.S. retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July. Economists had expected retail sales to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

With Hurricane Harvey negatively impacting output, the Federal Reserve released a report on Friday unexpectedly showing a notable decline in U.S. industrial production in the month of August.

The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July.

Activity in the New York manufacturing sector saw a modest slowdown in the pace of growth in the month of September, according to a report released by the Federal Reserve Bank of New York on Friday.

In news from overseas this week, the Bank of England sent strong signals they about to raise interest rates.

SOURCE

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