US Dollar struggling near 91.50 despite strong retail sales data


retail sales (1).jpg

The US dollar trades back to near yesterday’s low. During the previous session, the Index slightly rebounded following the upbeat US retail sales and jobless claims data.

Moving ahead to the North American session, the main important events watch for USD traders today, US Building permits numbers and Michigan consumer sentiment figures for April.

On Wednesday, the US Commerce Department published the March retail sales data. The data showed the retail sales increased by 9.8% last month to US$619 billion compare to the market forecasts of a 5.9% gain. The strong numbers boosted by the massive stimulus package approved in early March.

On the other hand, the US initial jobless claims dropped from the prior week’s 769,000 to 576,000. Analysts had predicted a reading of 700,000.

Dollar Index Technical analysis

For the USD technical analysis please visit here-
I have to say I think the dollar has lots of room to move down to take liquidity around 88.00. I think it might be going down for a time yet