The U.S dollar slumped against the Japanese Yen and other major currencies on Tuesday’s trading session after disappointing U.S. data which sparked fresh concerns over the strength of the economy, fueling uncertainty over the timing of a rate hike.
The U.S. Commerce Department said that retail sales rose 0.9% last month, disappointing expectations for a gain of 1.0%. Retail sales fell by 0.5% in February, whose figure was revised from a previously reported fall of 0.6%.
In a separate report, the Commerce Department said that producer prices increased 0.2% last month, in line with forecasts and after falling 0.5% in February.
Year-over-year, the producer price index declined 0.8% in March, meeting expectations and following a drop of 0.6% in the preceding month.
Intra-day bias remains bearish and further fall is expected to 118.70(April 3 Low) support. A valid break of 119.05 support would confirm this bearish case.
21 crosses 55 EMA downward.
SSRC shows bearish continuation.