US dollar is clinging to earlier gains following the release of disappointing retail sales data. The dollar index is higher today, even with the disappointing news and disappointment in the lack of stronger signals from the Federal Reserve.
Even though many expect the Federal Reserve to begin raising rates in December, stronger signals of this policy are lacking right now. On top of that, the latest retail sales data has disappointed investors and Forex traders alike.
As a result of these latest developments, there are concerns that the Fed might not raise rates as much as expected — and that policymakers might even hold off. Even with this latest news, though, many still think there will be a rate hike, and so the dollar is retaining some of its recent gains.
The dollar index is also higher today, gaining as the greenback clings to its earlier gains against its major counterparts. The dollar may drop a little bit later, but for now the greenback is expected to retain strength.
At 14:41 GMT US dollar index is up to 98.995 from the open at 98.556. EUR/USD is down to 1.0735 from the open at 1.0810. GBP/USD is down to 1.5219 from the open at 1.5225. USD/JPY is up to 122.7390 from the open at 122.6140.
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