Studio Press

The greenback recovered from earlier session lows against the majors at the start of Tuesday trading, pushing the euro off from above the 1.40-level to 1.3940 and the pound beneath the 1.63-figure.US economic reports released earlier in the session were mixed, with both retail sales and producer prices higher than expected for June. The headline retail sales figure edged up by 0.6% and beating estimates for a decline to 0.4% from 0.5% in May. The excluding autos reading missed forecasts for an unchanged number at 0.5%, instead declining to 0.3%. The June producer price index was sharply higher than expected, posting a monthly increase of 1.8%, compared with consensus estimates for an increase to 0.9% from 0.2% and lower by 4.6% on an annualized basis versus a 5.0% decline previously. The core PPI figures revealed a monthly increase of 0.5%, versus a 0.1% decline a month earlier and a 3.3% jump on an annualized basis compared with 3.0% a year prior.