The Dollar extended losses Monday after a retail sales figures for the month of February appeared to confirm the economy has shifted down a gear in recent months, strengthening some economists' convictions that the Federal Reserve (Fed) interest rate hiking cycle is now over.
The U.S. Dollar weakened Thursday after official data revealed a steep slump in retail spending during December that shocked financial markets the world over, although some analysts say a creaking global economy means there is only limited scope for the greenback to depreciate this year.
The U.S. Dollar was riding high Friday following a strong set of November retail sales, which provided further support to a greenback already boosted by concerns over the Chinese economy and European growth.
The Dollar strengthened Friday after U.S. retail sales surprised on the downside for August, in what appeared to be a classic sign of risk-aversion, as analysts contemplate what the numbers mean for the economic outlook.
The US Dollar pared back its earlier losses during noon trading Monday after the latest volley of US retail sales data showed consumer spending rising faster than was expected during the month of March.
Expectations for a repeat of last month’s soft retail sales numbers were scuppered as the United States Census Bureau reported numbers well ahead of expectations.
The U.S. dollar was in fine form in mid-week trade, bringing an end to the poor run we have seen over the course of April.