The U.S. dollar was seen trading a bit subdued on Wednesday. However, price action was seen staying firm for the most part. Economic data over the day saw the Australia wage price index. For the second quarter, wages grew at a pace of 0.6% matching estimates.
In the UK, inflation was seen rising for the first time this year. Headline inflation rate rose to 2.5% during July matching estimates. Core inflation rate was seen rising 1.9%, the same pace as the month before.
The NY trading session saw the U.S. retail sales rising 0.5% on the headline and 0.6% on the core. Both the reports beat market expectations. Manufacturing activity as measured by the Empire State manufacturing index rose to 25.6.
Looking ahead, the economic calendar today will see the release of the UK’s retail sales report. Economists forecast headline retail sales to rise 0.5% in July.
In the NY trading session, building permits and housing starts reports are due.
