The spate of overall strong fundamental data releases on Friday for the US economy led the pair to reverse some of its losses by the end of the trading day and subsequently pushed the pair back into the green in today’s trading. The US retail sales data which recorded an increase of 0.6% in the month of September on the trail of a 0.2% decline in the month before, another major positive release for the USD was the core retail sales which went from the previous month’s figure of -0.2% to its 0.5% increase.
The US Dollar also drew a lot of strength from Fed’s Chair Janet Yellen’s speech, where she raised the chances of a rates hike by the Feds in December. Yellen expressed that, keeping monetary policy loose for a long time can have a negative impact on the US economy growth.