The US Dollar enjoyed a hectic day of trading on Friday following the release of mixed data from North America.
Mexico Retail Sales
In a report released by the Insituto Nacional de Estadistica Y Geografia, official data showed on Friday that Retail sales in Mexico declined more-than-expected last month. Mexican Retail Sales dropped to a seasonally adjusted 4.9%, from 9.0% in January. The large decline came after analysts had expected Mexican Retail Sales to drop to 5.1% in February.
Canadian Inflation
In a report released by Statistics Canada, official data released on Friday showed that Canadian inflation rose in line with market expectations last month. consumer price index (CPI) increased 0.2% in February from the 0.9% increase recorded in January. On an annual basis, CPI increased 2.0% in February, slightly lower than the expected 2.1% increase that matched January’s reading.
Core inflation, which excludes food and energy, increased by 0.4% last month, having risen 0.5% in the previous month. Core CPI advanced 1.7% on an annual basis, in line with the gainswitnessed in the previous month.
US Business Activity
Meanwhile over in the world’s largest economy, business activity in the private sector expanded at its slowest rate in six months in March. The weak Flash PMI figures dampened optimism over the health of the US economy.
In a report released by market research group Markit, official data showed that its flash services purchasing managers’ index (PMI) declined to 52.9 in March, from the February’s reading of 53.8. The new six-month low came despite analysts expecting the reading to rise to 54.2.
Market also reported that its its flash manufacturing purchasing managers’ index (PMI) declined a new five-month low. The flash manufacturing PMI droppd to 53.4 last month from February’s s final reading of 54.2.
US Dollar in Check by North American Data
The US Dollar index which measures the US Dollar against a basket of six weighted currencies had a rollercoaster of a day. Having hit a $99.73 high in early European trading, the weak North American data ensured that the US Dollar bounced off the intraday low ofd $99.39, to close Friday valued at $99.59, a daily gain of 0.03%.
