TOKYO - The dollar held onto gains on Friday after a surge in U.S. retail sales eased concerns about the world’s top economy, but traders cautioned against reading too much into one piece of data given the growing risks to the outlook.
During Asian trading the dollar briefly extended gains and the yen fell as Japanese stocks erased early losses to trade higher and as U.S. Treasury yields rose slightly. The move quickly faded, however, partly reflecting thin treading due to the summer holiday season. China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods, but U.S. President Donald Trump said any pact would have to be on America’s terms, suggesting a resolution to the trade war remains elusive.
Ten weeks of clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms, have plunged the Asian financial hub into its worst crisis since it came under Chinese rule from Britain in 1997.
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