Greenback Mostly Lower on Disappointing Data

The US dollar is mostly lower today, with the dollar index dropping, as Forex traders consider the recent data release. Lackluster data has many rethinking the idea that the Federal Reserve will raise rates in the immediate future. Instead, it looks as though there will be a little more wait and see happening.

Recent retail sales figures for the United States showed that they fell 0.9 per cent. This was disappointing, given the falling price of gasoline and a dropping unemployment rate. Many had expected to see better results from the holiday shopping season, and many had hoped that lower prices and better employment would result in more spending. This wasn’t the case, and the greenback is down because of it.
However, even though the US dollar is down against most of its major counterparts, and the dollar index is lower, the greenback is still higher against the euro. The 19-nation currency is reeling as the Swiss National Bank does away with the euro cap and the franc surges.
At 11:37 GMT the US dollar index is down to 90.8030 from the open at 92.1550. EUR/USD is down to 1.1718 from the open at 1.1790. GBP/USD is up to 1.5257 from the open at 1.5236. USD/JPY is lower, dropping to 116.3980 from the open at 117.2720.

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