US Data Weaker Than Expected | IFCM Hong Kong
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US Data Weaker Than Expected - 13.1.2012

US Dollar The dollar fell today to a one-week low, according to the currency’s index, which dropped to 80.53 from the Wednesday’s multi-month high 81.49. At the same time several reports have been issued in the United States that were somewhat less favorable than economists predicted. In particular retail sales rose only 0.1% in December, following a 0.4% gain in the previous month, the Commerce Department showed. The Labor Department figures also revealed a 24000 rise (to 399000) in the number of initial jobless claims over the first week of January. Finally reports may show today that the US trade deficit widened from 43.5 billion to 45 billion dollars in November, according to preliminary estimations. The data failed to support positive market mood generated by yesterday’s speech of the ECB President Mario Draghi who welcomed “tentative signs” of economic stabilization in the euro area. The dollar index rose at the end of the European session back above 81, as the main reserve currency strengthened against its major peers. Australian Dollar Affected by worse-than-expected reports from the US, the Australian dollar’s surge also slowed. Following a four-day advance from its 2012 low (1.0144) against the greenback, the aussie remains almost flat today, close to 1.0330 and just below its two-month high 1.0390.
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