Forex - EUR/USD softens on hopes for solid U.S. retail sales data

Investing.com - The dollar rose against the euro as investors snapped up greenback positions on hopes that official U.S. retail sales data due for release on Tuesday will come in strong and reaffirm sentiments that the Federal Reserve will scale back stimulus programs soon.

In U.S. trading on Monday, EUR/USD was down 0.28% at 1.3305, up from a session low of 1.3278 and off from a high of 1.3344.

The pair was likely to find support at 1.3233, last Monday's low, and resistance at 1.3399, Thursday's high.

In a rather quiet session, the dollar saw demand from investors seeking a safe and liquid venue to camp out ahead of the release of retail sales data in the U.S. on Tuesday.

Market consensus reports peg July retail sales rising 0.3% compared to June's 0.4% growth.
Investors were hoping the data will provide insight as to when the Federal Reserve will begin tapering monetary stimulus programs.

The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month from banks to keep long-term interest rates low across the economy, a stimulus tool known as quantitative easing, which weakens the dollar as a side effect.

Talk of a timetable outlining an end to stimulus could strengthen the greenback, and hopes the data will come in firm gave the greenback support as did soft Japanese growth data.

Preliminary data released earlier revealed that Japan's economy grew by 0.6% in the second quarter, falling short of expectations for 0.9% growth.

Japan's gross domestic product rose 2.6% on year during the April-to-June quarter, below forecasts for an increase of 3.6%.

The euro, meanwhile, was down against the pound and up against the yen, with EUR/GBP trading down 0.03% at 0.8602 and EUR/JPY trading up 0.01% at 128.44.

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