Dollar steadies itself for now, US retail sales data eyed

<p>If you compare it to the moves yesterday, it isn't much. EUR/USD is down 0.3% to 1.0847 and GBP/USD down 0.3% to 1.2460 currently. The latter owes to softer UK inflation data earlier, though it also comes amid a push back after running against the 1.2500 mark and near the 100-day moving average (red line):</p><p>For EUR/USD, it's not much of a dent as well after the surging push higher from yesterday with the technical picture outlined earlier <a href="https://www.forexlive.com/news/eurusd-seeks-higher-push-after-yesterdays-surge-20231115/" target="_blank" rel="follow">here</a>.</p><p>Against the other major currencies, the dollar is mostly little changed although NZD/USD is seen up 0.5% to 0.6040 currently after a push above its own 100-day moving average today. But the pair is starting to near resistance from its September and October highs around 0.6050-55, so that is one to watch out for.</p><p>Going back to the dollar itself, this may yet just be a brief reprieve depending on what we might get from the US retail sales data later today.</p><p>Treasury yields are also finding a bit of footing but could yet plunge further, dragging the dollar down with it, should markets find reason to cheer after the key US data releases in the session to come – which <a href="https://www.forexlive.com/news/us-cpi-data-sparks-market-optimism-more-data-releases-in-focus-later-today-20231115/" target="_blank" rel="follow">might not be that hard to imagine</a>.</p>

This article was written by Justin Low at www.forexlive.com.