International News
The US dollar was under pressure after disappointing retails sales showed they barely rose during September, coming in at 0.1% against the expected 0.2%. Figures also revealed the Producer Price Index recorded the biggest drop in eight years, falling below expectations of -0.7% to -1.1%
The euro capitalised on the dollar sell off to gain over 0.5% over the course of the day’s trading, breaking through the key resistance level of 1.1400 – a level not seen since Sept. 18. EUR/USD had opened at 1.1383, but after the disappointing US figures the dollar slumped went on to close the day at a session high of 1.1450. Overnight the pair approached the 1.15 level but have since dropped back this morning to trade at 1.1433 [...]
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