The US dollar trades back to near yesterday’s low. During the previous session, the Index slightly rebounded following the upbeat US retail sales and jobless claims data.
Moving ahead to the North American session, the main important events watch for USD traders today, US Building permits numbers and Michigan consumer sentiment figures for April.
On Wednesday, the US Commerce Department published the March retail sales data. The data showed the retail sales increased by 9.8% last month to US$619 billion compare to the market forecasts of a 5.9% gain. The strong numbers boosted by the massive stimulus package approved in early March.
On the other hand, the US initial jobless claims dropped from the prior week’s 769,000 to 576,000. Analysts had predicted a reading of 700,000.
Dollar Index Technical analysis
Technically the overall momentum remained bearish for the USD after the bulls failed to extend the rally. The short-term resistance is located in the area of yesterday’s high 91.80, a break above 91.80 will confirm a possible move to the 92 and 92.40. On the downside, if the dollar loses the 91.50/40 handle, then we expect a move toward 91.00.
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