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US Dollar Exchange Rate
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US Dollar Commentary for April 16, 2007 |
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US Dollar Commentary
Retail sales in the U.S. rose in March by the most in three months as rising incomes and better weather ensured consumers would continue to drive economic growth according to Bloomberg. The 0.7 percent increase followed a revised 0.5 percent gain the prior month that was larger than previously estimated, the Commerce Department said today in Washington. Purchases excluding automobiles rose 0.8 percent. Bloomberg also reported taht Manufacturing growth in New York state remained near a two-year low this month as shipments fell and inventories increased. The Federal Reserve Bank of New York's general economic index rose to 3.8, from a 1.9 March reading that was the lowest since May 2005, the bank said today. Readings greater than zero signal expansion and the index averaged 20.3 last year. This should put some downward pressure on the dollar.
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