The greenback lost strength over the Japanese Yen after U.S. retail sales data weakened the dollar on Thursday by reminding investors that recovery still battles headwinds and the timing of Federal Reserve interest-rate hikes still remains up in the air. The Commerce Department reported earlier that U.S. retail sales rose 0.3% in May, missing expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%. Also Core retail sales, which exclude automobile sales, eased up 0.1% in May, disappointing forecasts for a 0.2% increase. Core sales in April were also revised up to 0.4% from a previously reported flat reading.
Core retail sales, which exclude automobile sales, eased up 0.1% in May, disappointing forecasts for a 0.2% increase. Core sales in April were revised up to 0.4% from a previously reported flat reading. This shows that there’s a lot of on-going tension on the U.S dollar which sent it weak against all major currencies during the U.S trading session.
Intra-day bias remains on the downside as a fresh cross of 21 and 55 EMA is established on the 4 hours charts. This is inline with the 1 hour time frame as well so i believe we should have an easy further supply of the pair. We also have MACD and SSRC (stochastic) oscillators supporting bearish continuation on the pair on both time-frames. Further fall to 101.46 support is expected and a clear break of it would send price lower to