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Greenback sinks after inflation,retail sales data

Article by ForexTime

The tired dollar collapsed like a house of cards on Friday, after US CPI figures and retail sales for September failed to pack a punch. Although U.S Consumer prices rose 0.5%, the largest increase seen in eight months on the back of rising gasoline prices, underlying inflation remained subdued. While markets are still expecting the Federal Reserve to raise interest rates in December, concerns over prolonged periods of depressed inflation may cloud the prospect of higher US interest rates in 2018. On the bright side, US retail sales recorded their biggest increase in two and half years in September, by jumping 1.6%. Although this was below market estimates, this figure is still encouraging and continues to support the bullish sentiment towards the US economy.

The Dollar Index found itself under extreme selling pressure following the economic releases with prices trading towards 92.80. Sustained weakness below the 93.00 level may encourage a further decline towards 92.50.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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