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US Dollar Weakens Against The Loonie as US Retail Sales Drop Dims Rate Rise Expectations

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The US dollar weakened against its Canadian counterpart Friday afternoon, as US retail sales unexpected posted a 0.6% drop in July, compared with a revised gain of 0.2% in June, the US Census Bureau reported earlier today.

The decline lowers expectations the Federal Reserve would raise interest rates.

The US dollar edged down 0.4% lower to C$1.3878 on last look.

West Texas Intermediate September futures rose 1.0% to $82.29 per barrel, while Brent crude futures for October delivery rose 1.2% to $88.32 per barrel.

Comex gold for December delivery edged up 0.3% to $4,435 per ounce.

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