Forex
Dollar Softens as Hormuz Deal Hints at Lower Oil Prices
The US dollar softened yesterday on reports of a potential phased deal to reopen the Strait of Hormuz, which could lead to another decline in oil prices.
The Canadian dollar traded unevenly after domestic retail sales data showed that July's growth was weaker than initially estimated, although August's preliminary figures pointed to a stronger-than-expected rebound.
In other news, the pound struggled to gain traction as fresh evidence pointed to a continued slowdown in UK consumer spending. The Confederation of British Industry's (CBI) latest distributive trades survey revealed that retail order volumes slumped to their lowest level on record in September.