NEW YORK/LONDON, Nov 15 (Reuters) – The dollar gained on Wednesday after U.S. retail sales fell less than expected in October, bouncing off its biggest drop in a year the previous day when cooler U.S. inflation data added to expectations that the Federal Reserve is done raising rates.
Retail sales slipped 0.1% last month and data for September was revised higher to show sales increasing 0.9% instead of the previously reported 0.7% rise, the U.S. Commerce Department’s Census Bureau said.
Economists polled by Reuters had forecast retail sales would fall 0.3%.
The better than expected reading lifted the dollar, even though a weak reading on producer prices, along with Tuesday’s consumer price index report, signaled a cooling economy that still suggests the Fed’s fight against inflation is on track.
“Today’s (retail sales) number doesn’t really move the needle one way or the other, other…
