Financial Wire

US Dollar Mixed Early Monday, Focus This Week on Retail Sales, S&P Global Flash Estimates

-- The US dollar was mixed against its major trading partners early Monday -- up versus the pound and yen, down versus the euro and Canadian dollar -- as the focus turns to retail sales data on Tuesday and the S&P Global flash estimates on Thursday.

Federal Reserve officials are in a quiet period ahead of the April 28-29 Federal Open Market Committee meeting.

Monday's schedule includes no economic data releases.

In addition to retail sales for March, Tuesday's schedule includes the Philadelphia Fed's non-manufacturing reading for April, weekly Redbook same-store sales, pending home sales data for March, business inventories data for February, and a nomination hearing for Kevin Warsh to become Fed chair.

State-level employment data for February and weekly mortgage applications and petroleum stocks data are the highlights on Wednesday.

The highlights of Thursday's busy schedule include weekly jobless claims, the S&P Global flash estimates for manufacturing and services conditions for April, and weekly natural gas stocks.

The final estimate of April consumer sentiment from the University of Michigan and the Kansas City Fed's services reading for April are due to be released at 11:00 am ET.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose slightly to 1.1772 from 1.1770 at the Friday US close, but was below a level of 1.1797 at the same time Friday morning. Eurozone construction output declined further in February, according to data released overnight. European Central Bank President Christine Lagarde is due to speak at 12:40 pm ET. The next European Central Bank meeting is scheduled for April 30.

GBP/USD fell to 1.3519 from 1.3522 at the Friday US close and 1.3528 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for April 30.

USD/JPY rose to 158.8761 from 158.5612 at the Friday US close, but was below a level of 159.1673 at the same time Friday morning. Japanese business services purchases continued to contract in February, though at a slower rate than in the previous month, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.

USD/CAD fell to 1.3683 from 1.3685 at the Friday US close, but was above a level of 1.3677 at the same time Friday morning. Canadian consumer price data for March are due to be released at 8:30 am ET, followed by the Q1 business outlook survey from the Bank of Canada at 10:30 am ET. The next Bank of Canada meeting is scheduled for April 29.

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