The dollar wallowed around seven-week lows against a basket of currencies in Asian trading on Thursday, after weak U.S. sales data prompted investors to scale back bets that the U.S. Federal Reserve would hike interest rates by the end of 2015. The Dollar Index was last nearly flat from late U.S. levels at 93.970, after tumbling as low as 93.845, its deepest nadir since Aug. 26.
U.S. retail sales barely rose in September, edging up only 0.1% and falling short of expectations for a 0.2% rise, according to a Reuters poll of economists. Producer prices recorded their biggest decline in eight months. The euro was buying $1.1474 after rising as high as $1.1489 overnight, its highest since Aug. 26. Against its Japanese counterpart, the dollar fell as low as 118.61 yen, its lowest since Sept. 7, and was last trading at 118.85 yen.
U.S. crude futures fell for a fifth consecutive day on Thursday, hit by concerns over a growing global glut of oil and after data showing a higher-than-expected U.S. inventory build last week.
Gold held near a 3.5-month high on Thursday as sluggish economic data from China and the United States stoked speculation the Federal Reserve will not raise rates this year.
