Forex
US dollar falls after retail sales data
© Reuters. FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
NEW YORK (Reuters) – The dollar extended losses against a basket of currencies on Thursday after data showed U.S. retail sales dropped more than expected last month, reinforcing expectations of interest rate cuts by the Federal reserve by the middle of the year.
A report showed retail sales fell 0.8% in January, much lower than an expected decline of 0.1% based on a Reuters poll.
The was last down 0.3% at 104.36. Against the yen, the dollar fell 0.5% to 149.79.
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