The dollar slipped against its peers Monday morning before President Trump’s meeting with Vladimir Putin in Helsinki. Mixed U.S. retail data gave the dollar a boost. Overnight, Asian equities declined on economic data out of China showing slower growth.
Euro keeps the high ground
The euro is holding strong against the dollar, keeping the pair above 1.17 on mixed U.S. retail sales data.
The EUR/USD pair climbed to as high as 1.1726 before slipping to around 1.171. President Trump is meeting with Russian President Vladimir Putin in Helsinki Finland Monday. The meeting comes just days after Robert Mueller indicted 12 Russian intelligence officers for hacking the DNC.
Trump spent the end of last week in London meeting with U.K. leaders while protests ensued throughout the city. On Sunday, in an interview aired on CBS’s “Face the Nation” Trumped named the European Union as a foe – specifically when it comes to trade.
Members of the European Union are traveling to China to meet with Chinese and Japanese officials regarding trade.
Although the worries around trade are subdued for now, there is no lack of political uncertainty. We’ll see how today’s meeting and the rest of the week shapes up. Protestors
China growth slows
Data out of China overnight came out mixed, but underlying factors showed slower growth.
GDP for Q2 beat expectations of 1.6% quarter over quarter, coming out at 1.8%. However, the year-over-year measurement slowed to 6.7% – the lowest since 2016.
Industrial production for May came out worse than expected at 6.0% growth compared to estimates of 6.5% and 6.8% the previous month.
U.S. retails sales mixed
With a light European economic calendar, the dollar got some help from mixed retails sales data Monday morning.
Month-over-month growth excluding autos met expectations of 0.4%. And the headline measurement hit the target of 0.5%. The retails sales control group missed expectations of 0.4%, coming out at 0.0%.
The GBP/USD pair fell from the highs of 1.329 to 1.325. And the EUR/USD pair dipped to 1.1704. Both pairs have recovered some of those losses.