retail sales

Yen declines after weak US data, buyers take profits

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Yen declines after weak US data, buyers take profits

The USDJPY pair was trading at 152.95 with a modest loss of 0.17% late Friday. Despite a drop in consumer confidence in the US, the Greenback is set to close a winning week due to hot inflation data reported. The US Bureau of Labor Statistics revealed a rise in inflation, with the Consumer Price Index rising to 3.5% year-over-year in March. Hot inflation figures fueled hawkish bets on the Federal Reserve and US Treasury yields, benefiting the USD during the week. The USD may see further upside if data validates bets, with Retail Sales figures from March set to be released next Monday. On the technical analysis side, the USDJPY pair shows a sustained trend in positive territory on the Relative Strength Index (RSI) and a bullish posture above the 20-day, 100-day, and 200-day Simple Moving Average (SMA).

Euro tumbles on firm ECB rate cut bets for June

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Euro tumbles on firm ECB rate cut bets for June

The EURUSD fell to a near five-month low around 1.0660 due to speculation that the European Central Bank will begin reducing interest rates from the June meeting.

Easter food spending lifts UK retail sales by most since August

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Easter food spending lifts UK retail sales by most since August

An early Easter boosted food spending in Britain last month, lifting retail sales by the most since August.

Euro pressure as ECB officials hint at rate cut in June

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Euro pressure as ECB officials hint at rate cut in June

The EURUSD pair maintained its position around 1.0770 on Friday, facing downward pressure due to the European Central Bank officials suggesting a probable interest rate cut in June. Weaker-than-expected retail sales data from Germany also contributed to the Euro’s decline. Meanwhile, the US Dollar Index (DXY) strengthened, nearing 104.60, driven by annualised economic expansion in the United States and hawkish statements from a Federal Reserve official.