© Reuters. The dollar was higher on Thursday.
Investing.com – The dollar was higher on Thursday, while sterling fell after lower than expected retail sales.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% to 89.46 by 5:34 AM ET (9:34 GMT).
The dollar gained ground against the yen, with rising 0.15% to 107.38. Rising geopolitical and trade tensions have weighed on the dollar in recent months. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
U.S. President Trump and Japanese Prime Minister Shinzo Abe met in Florida this week and have agreed to intensity trade consultations. Trump wants a bilateral deal with Japan and said he would be willing to negotiate steel and aluminum tariffs if the two countries can come to an arrangement. Japan, despite being a long-term U.S. ally, currently is not exempt from the tariffs on imported steel and aluminium.
The pound inched down after retail sales came in lower than expected, adding doubts about the Bank of England’s monetary policy. fell 0.16% to 1.4179 after data showed that fell 1.2% in March compared to a rise of 0.8% in February.
Meanwhile sterling was also hit by data on Wednesday that showed fell to 2.5% in March, the lowest in a year.
The euro was down, with falling 0.11% to 1.2360.
Elsewhere, the Australian dollar was higher, with up 0.10% to 0.7792 while decreased 0.12% to 0.7310.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Dollar Drops as Sterling Shines on Brexit-Deal Optimism - October 19, 2018
- Euro May Take Lower Path Into ECB as Draghi to Maintain Rhetoric - October 19, 2018
- Forex – U.S. Dollar Falls as Euro, Bond Yields Rise - October 19, 2018