5 Reasons for Big FX Moves on Friday

The post retail sales rally in the U.S. dollar did not last as the greenback resumed its slide against all major currencies on Thursday. This decline was somewhat surprising given the sell-off in U.S. stocks and rise in 10 year Treasury yields which typically coincides with a stronger dollar. However, the pullback was supported by economic data. While the Philadelphia Fed manufacturing index beat expectations, activity slowed from the previous month. Jobless claims also jumped from 793K to 861K last week. Building permits rose 10% but this improvement was offset by a drop in housing starts. Ultimately none of these … (full story)

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