US Dollar Stable in Narrow Range with Major Currencies

The US dollar is trading within a narrow range in relation to other major currencies as Thursday’s session gets underway. The greenback appears to have found support, as economic data released on Wednesday showed the resilience of the American economy, with retail sales figures for October exceeding expectations. Inflation is dropping faster than predicted but remains above the Fed’s target, while the economy, despite the slowdown observed in last week’s employment figures, is still going strong. Against this background, the central bank may keep rates at the current high levels, or even hike them again, without crashing the economy, in a dynamic that favours the dollar.

Ricardo Evangelista – Senior Analyst, ActivTrades