Forex – U.S. Dollar Falls on Weak Retail Sales

© Reuters. – The greenback fell slightly on Monday as retail sales fell unexpectedly.

The , which measures the dollar’s strength against a basket of six major currencies, slipped 0.1% to 96.738 as of 10:53 AM ET (14:14 GMT).

The Commerce Department said retail sales dropped 0.2% in February due to weak sales of furniture, clothing, food and electronics and appliances. The drop in the data could reflect the fact that tax refunds have been smaller this year due to a revamped tax code in 2018.

The dollar rose against the safe-haven yen, with rising 0.3% to 111.17.

Elsewhere, the Turkish lira surged as the opposition party gained seats against President Recep Tayyip Erdogan’s ruling AK Party. Early results show that the opposition has won the capital Ankara and has taken a lead in Istanbul.

fell 0.8% to 5.4847. The blow to Erdogan’s leadership could lead to interest rate criticism as the country remains in a recession.

Sterling was higher as the Labour Party announced it is supporting the Common Market 2.0 amendment. The move raises the chances of the Brexit amendment passing and could serve as an alternative to Prime Minister Theresa May’s draft plan with the European Union, although the votes are non-binding. was up 0.6% to 1.3112.

Elsewhere, inched up 0.1% to 1.3360 and rose 0.1% to 1.1220.

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