U.S. Dollar Exchange Rate 2023 May Be Affected By Retail Sales in June, Experts Say

Experts say the U.S. Dollar Exchange Rate 2023 may be affected by the retail sales data in the month of June. Reports say retail sales are expected to increase by 0.5% which is more than the increase in May.

On July 18, after ending Monday without any virtual changes, the U.S. Dollar Exchange Rate 2023 was reportedly struggling to attract investors. The U.S. Dollar Exchange Rate 2023 against other major currencies stayed at a disadvantage below 100.00 which is a close gap from the 99.50 it had established last July 14.

An article in FXStreet states that the U.S. economic calendar brought in the data for retail sales for the month of June which may have affected the performance of the U.S. Dollar Exchange Rate 2023 against other major currencies. Reports say markets expect the retail sales to increase by 0.5% in June which is more than the 0.3% increase that was recorded last May.

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Analysis of U.S. Dollar Exchange Rate 2023

According to Sengezer, analyst Dhwani Mehta states that previewing the retail sales report, the data in June could revive the U.S. Dollar Exchange Rate 2023 before the announcement of policies of the Federal Reserve and the European Central Bank (ECB) next week. However, reports say the U.S. Dollar Exchange Rate 2023 declined substantially last week as data from the U.S. revealed soft inflation and revived the Federal Reserve’s predictions of reaching a 25-basis-point (bps) rate increase in July.

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