Dollar Gains on Euro
News of stronger-than-expected retail sales helped the greenback rally against the yen and the euro Friday.
The dollar was buying 117.5 Japanese yen, up from 117.2 yen late Thursday. Euros were trading at $1.4162, down from $1.4187 a day earlier.
The CurrencyShares Japanese Yen Trust (FXY) exchange-traded fund, which tracks the value of the Japanese currency, was slipping 0.3%. The CurrencyShares Euro Trust Currency (FXE), which tracks the value of Europe's major currency, was inching lower, off 0.1% recently.
The government report on retail sales contributed to the strength in the U.S. currency. "Retail sales is a key data point for determining personal consumption," says David Powell, currency strategist at IDEAglobal in New York.Because consumption makes up about 70% of the overall U.S. economy, economists tend to pay close attention when retail sales figures are released, he explains. "Personal consumption has been one of the weakest areas of the economy," Powell says. Elsewhere in the foreign exchange market, the British pound was gaining against the dollar. One pound would buy $2.0334, up marginally from $2.0317 previously.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV