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Dollar Mostly Steady Against Major Rivals Amid Slew Of Data

The U.S. dollar held steady on Wednesday, due largely to weak economic data out of China.

However, a pronounced upmove for the greenback remained elusive as trade concerns eased and due to disappointing retail sales and industrial production data.

The dollar index moved between 97.44 and 97.70, was up 0.07% at 97.58 by late afternoon.

The Chinese currency yuan dropped to near its lowest level in 2019, after data showed China's industrial output slowed to 5.4% in April (y-o-y)year to date after rising 8.5% a month earlier. The growth rate was forecast to slow moderately to 6.5%.

China's retail sales growth dropped 7.2% annually in April, from 8.7% a month ago. Economists had forecast sales to expand 8.6% in the month.

The yuan dropped to a low of 6.9177 a dollar before recovering to 6.9021, still down from previous close.

The Aussie lost ground as well against the greenback, losing about 0.28% at $0.6925 a unit.

The euro was down marginally at $1.1202. Data showing a 0.4% increase in German GDP in the first quarter and a report showing Eurozone GDP growth to have doubled in the first quarter supported euro.

News that U.S. President Donald Trump has decided to delay imposing tariffs on car imports from EU by six months supported euro's recovery.

Against Pound Sterling, the dollar gained nearly 0.5% with a unit of sterling fetching $1.2842, less than $1.2906 a day earlier.

The yen traded in a tight range slightly below the unchanged line against the greenback after recovering from a low of 109.71. It was last seen hovering around 109.60 a dollar.

Data from the U.S. Commerce Department showed an unexpected drop in U.S. retail sales in the month of April.

The report said retail sales edged down by 0.2% in April after spiking by an upwardly revised 1.7% in March. Economists had expected retail sales to rise by 0.2% compared to the 1.6% jump originally reported for the previous month.

A report released by the Federal Reserve said industrial production in the U.S. unexpectedly showed a notable decrease in the month of April, falling by 0.5%, following a revised 0.2% uptick in March.

Economists had expected production to come in unchanged compared to the 0.1% dip originally reported for the previous month.

Utilities output plunged by 3.5% in April and manufacturing output slumped by 0.5%, while mining output surged up by 1.6%, the report said.

The dollar was up slightly against Swiss franc, with the pair trading at 1.0089. Against the looni, it was down 0.14% at 1.3443.

Data from the U.S. Commerce Department showed an unexpected drop in U.S. retail sales in the month of April.

The report said retail sales edged down by 0.2% in April after spiking by an upwardly revised 1.7% in March. Economists had expected retail sales to rise by 0.2% compared to the 1.6% jump originally reported for the previous month.

A report released by the Federal Reserve said industrial production in the U.S. unexpectedly showed a notable decrease in the month of April, falling by 0.5%, following a revised 0.2% uptick in March.

Economists had expected production to come in unchanged compared to the 0.1% dip originally reported for the previous month.

Utilities output plunged by 3.5% in April and manufacturing output slumped by 0.5%, while mining output surged up by 1.6%, the report said.

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