Forex

Dollar holds after mixed economic data

2020-02-14 19:50:42 GMT (Economies.com)

The US dollar held steadily against most of its major counterparts today, as investors remained focused on the latest developments of the coronavirus health crisis, in addition to the release of mixed US data.

 

Data showed today that the US retail sales rose by 0.3% in January, while the industrial production posted its fourth drop in five months.

 

The Chinese government revealed that the death toll rose to 1,400 people, and over 60,000 infected cases.

 

Fed Chair, Jerome Powell, during the semi-annual testimony before the House services committee, said that he sees the monetary policy and the current interest rate are appropriate for economic growth, and will push inflation toward the Fed's target of 2%. 

 

However, Powell warned of the potential risks and economic impact of the coronavirus outbreak on the global economy, adding that the Fed is monitoring the crisis closely to assess its impact.

 

The dollar index held at 99.09 points as of 19:22 GMT, after it hit today's high at 99.1 and the low at 99 points.

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