By Karen Brettell
NEW YORK (Reuters) – The U.S. dollar dipped on Monday after retail sales data for September missed economists’ expectations, and as benchmark U.S. Treasury yields consolidated after last week hitting their highest level in seven years.
U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.
Retail sales edged up only 0.1 percent in the month. Economists polled by Reuters had forecast an increase of 0.6 percent.
“We had softer than expected retail sales, that was another leg of dollar selling,” said Win Thin, global head of currency strategy at Brown Brothers Harriman in New York.