USD Loses Ground Ahead of CPI Monday, September 18, 2006
The dollar slid against the majors, relinquishing the 1.27-level against the euro and briefly falling beneath 1.89 versus the British pound. Upbeat US economic data failed to deter selling in the greenback as markets look ahead to Friday’s inflation report and the upcoming weekend’s G7 Finance Minister’s meeting in Singapore. The major currency pairs have continued to consolidate within range as traders remain reluctant to commit prior to the forthcoming events.
US economic data released on Thursday included retail sales and weekly jobless claims. The August retail sales report unexpectedly improved to 0.2%, beating calls for a drop of 0.1%. The ex-autos figure was slightly softer than forecasts at 0.2%, and down from last month of 1.0%. The weekly jobless claims improved to 308k also, down from 310k previously. The key highlight will be Friday’s consumer inflation data. The August CPI report is expected to slip to 0.2%, from a month earlier at 0.4%. The core CPI is unchanged at 0.2%. Also due out tomorrow is industrial output, forecasted to slip to 0.2%, capacity utilization at 82.5% and the University of Michigan Consumer Sentiment at 83.7.
US economic data released on Thursday included retail sales and weekly jobless claims. The August retail sales report unexpectedly improved to 0.2%, beating calls for a drop of 0.1%. The ex-autos figure was slightly softer than forecasts at 0.2%, and down from last month of 1.0%. The weekly jobless claims improved to 308k also, down from 310k previously. The key highlight will be Friday’s consumer inflation data. The August CPI report is expected to slip to 0.2%, from a month earlier at 0.4%. The core CPI is unchanged at 0.2%. Also due out tomorrow is industrial output, forecasted to slip to 0.2%, capacity utilization at 82.5% and the University of Michigan Consumer Sentiment at 83.7.
Labels: Forex News, US Dollar
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