USD is deepening its losses to a two-week low ahead of retail sales

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USD fell on the European market on Friday against a basket of global currencies to deepen its losses for the fifth day in a row, the lowest level in two weeks, amid growing doubts about the possibility of raising US prices twice this year, in addition to slowing demand levels for the world’s strongest currency as the best alternative investment , This comes ahead of the release of economic data from the United States, the most important data for monthly retail sales in the country.

USD index fell more than 0.1% at 11:30 GMT, trading at 94.45 points, the opening level of 94.55 points, the highest at 94.55 points and the lowest at 94.33 points, the lowest since August 28.

The index ended yesterday’s trading down 0.3%, the fourth consecutive daily loss, after data below expectations for US consumer prices in August.


Consumer price data with producer price data, which in August contracted for the first time in 2018, raised doubts about the Federal Reserve raising interest rates twice this year, as US policymakers rely heavily on accelerating inflation until the full price hike Interest during this year.

USD is also pressuring demand as the best alternative investment, amid fears of worsening trade disputes between the United States and China, as well as the recovery of emerging currency prices following the adoption of many monetary and monetary measures in emerging countries.

Investors are looking for more economic data from the US later today, probably the most important data on monthly retail sales, which is one of the most important indicators of consumer spending, which represents more than 70% of the value of GDP.

Retail sales, expected to rise by 0.4% in August from 0.5% in July, are expected to release by 12:30 GMT. Retail sales excluding auto sales are expected to rise by 0.5% from a 0.6% rise in the previous reading .


The expected monthly industrial production growth of 0.3% in August from 0.1% growth in July, and the maximum power utilization for the same month expected 78.3% from 78.1% in the previous reading.

The preliminary reading of the University of Michigan Consumer Confidence Index (CPI) for September was also released at 96.7 points from 96.2 in August.

 

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