said a missile that hit his country was probably a stray Ukrainian defense projectile, dispelling fears that it came from Russia and could widen the Ukraine war.. Investors took the opportunity after the recent softer inflation data to book profits given a vulnerable economic backdrop in Europe and China.last month could spur the American economy in coming months and then force the Fed to retain its aggressive rate posture in the face of cooler-than-expected inflation data over the past week.
"The softer inflation data took some wind out of the dollar's sails," said Joe Manimbo, senior market analyst at Convera in Washington. "The dollar is steadier because we're having this residual, geopolitical skittishness as well as signs of a fairly sturdy U.S. economic backbone in the forms of U.S. retail sales."
Retail sales rose 1.3% in October, more than the 1.0% increase that economists polled by Reuters had forecast. The dollar briefly pared losses on release of the retail sales data, but later fell against the euro to trade little changed against other major currencies.Shares in Europe slid, with the STOXX 600 falling 1.0% to snap a four-day winning streak. The auto sector was hit by a report that Germany's Mercedes Benz cut its China electric vehicle prices as sales lagged. It's shares fell 6.2%.
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