The greenback remained broadly weakened against all other major currencies on Wednesday, after the release of disappointing U.S. retail sales and producer price inflation data which dampened optimism over the strength of the U.S economy.
The U.S. Commerce Department reported on Wednesday that retail sales increased by 0.1% last month, missing expectations for a gain of 0.2%.
Core retail sales, which exclude automobile sales, declined by 0.3% in September, worse than forecasts for a fall of 0.1%.
Data also showed that producer price inflation in the U.S. fell for the first time in five months in September.
Producer prices declined by 0.5% last month, worse than forecasts for a drop of 0.2%, while core PPI eased down by 0.3%, disappointing forecasts for a gain of 0.1%.
Meanwhile in the U.K, the Office for National Statistics earlier said that the unemployment rate ticked down to a seven-year low of 5.4% in the three months to August from 5.5% in the preceding three-month period. It was the lowest unemployment rate since the second quarter of 2008.
The number of people claiming unemployment benefits rose by 4,600, bringing the total to 796,000.
Average earnings, excluding bonuses, rose at an annual rate of 2.8% in the three months to August, while pay including bonuses rose by 3.0%.
The markets below seems to be overbought and oversold respectively so i would be favoring a buying the dips and selling the rips methodology for picking trading signals in line with the trend.
GBP/USD remains bullish
EUR/USD remains bullish
AUD/USD remains bullish
NZD/USD remains bullish
USD/CAD remains bearish
USD/CHF remains bearish
USD/JPY remains bearish