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17 Nov 2021

Dollar Strong after U.S Retail Data, Asia Stocks Teeter

The Index Today

The dollar remained strong against the yen, peaking at a four-year high with a boost from growing U.S retail sales. The unexpectedly strong increase in consumer spending has also lifted Wall Street equities and stocks.

MSCI’s broadest index of Asia Pacific shares outside Japan fell 0.45% after closing high on Tuesday. Most markets experienced a decline with Nikkei losing around 0.4%. In other markets, the dollar went up 114.97 against the yen in early hours, showing its strongest position so far since March. The Euro remained at a low of $1.1320 continuing its 16-month low.

Rob Carnell, head of research for Asia Pacific at ING said, “The data backs up that sense that things are going pretty well, and the Fed can be a little more aggressive if its wants to be without completely causing the party to crash.” He further explained, “Top of mind for everyone is inflation right now, it’s still an issue after the numbers we got from the U.S yesterday, and we’ve got a whole barrage of other information data coming today, particularly the U.K and Canada.”

Britain’s CPI report for the month of October is expected to be released today and may add to the ongoing pressures on the Bank of England. In other news, Biden and Xi virtual meeting kept stocks strong despite having the potential to do damage. The meeting helped give Asian stocks a boost on Tuesday.

©Photo: nasdaq.com

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