The US dollar is struggling to find direction against multiple currency rivals at the end of the trading week. The greenback is trading sideways after new retail sales, manufacturing, and trade data showed a mixed portrait of the national economy last month.
According to the US Census Bureau, retail sales rose 0.3% in October, up from the 0.3% decline in September. This brings the annual retail sales gains to 3.1%. Year-on-year, retail sales have climbed 3.1%, down from 4.1% in September. Also, retail sales ex autos edged up 0.2% last month.
In September, export prices slumped 0.2% to -2.2% in October, up from the 0.1% dip a month earlier, reports the Bureau of Labor Statistics (BLS). US import prices dropped 0.5% to -3% last month, down from -2.1% in September.
On Friday, the November New York Empire State Manufacturing Index came in at 2.9 points, falling short of the median estimate of five. New orders, shipments, and employment experienced an expansion. Delivery times were shorter, the average workweek was a bit higher, and inventories decreased. Input prices slowed down and selling prices jumped. Overall, optimism about the six-month outlook was flat, but capital spending plans were higher.
This comes one day after the Department of Labor found that initial claims for unemployment benefits surged 14,000 to a seasonally adjusted 225,000 for the week ending November. This is the highest reading in five months.
Also, the October producer price index (PPI) clocked in at 0.4% and the core PPI rose 0.3%.
Next on the data front will be manufacturing and industrial output, followed by housing numbers.
The US Dollar Index fell 0.04% to 98.13, from an opening of 98.17. The greenback is poised for a weekly loss of 0.23%, but it is still up more than 2% year-to-date. After surviving the US-China trade dispute, which is seemingly winding down, many investors are wondering if the buck has topped out and will trade in the 97 range moving forward.
The USD/CAD currency pair dipped 0.02% to 1.3246, from an opening of 1.3247, at 12:41 GMT on Friday. The EUR/USD advanced 0.14% to 1.1036, from an opening of 1.1023.
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