By Chibuike Oguh
NEW YORK (Reuters) -The U.S. dollar strengthened against most major currencies on Tuesday following better-than-expected retail sales data that seemed to support a less aggressive stance by the Federal Reserve when it delivers a much expected interest rate cut.
Commerce Department data showed on Tuesday that U.S. retail sales unexpectedly rose 0.1% in August, suggesting that the economy remained on solid footing through much of the third quarter.
The Fed’s Federal Open Market Committee will give its interest rate decision at the conclusion of its meeting on Wednesday after which Chair Jerome Powell will hold a press conference.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.14% at 100.84.
Against the yen, the dollar rose 0.84% to 141.765 after weakening slightly following the retail sales data.
The euro hovered around $1.1132, not far from the year’s high of $1.1201.
“We obviously are waiting for the FOMC. That’s probably the overarching theme and we’ve had some moves with economic data that have come out today,” said Axel Merk, president and chief investment officer at Merk Investments.
Currency bid prices at 17 September 03:06
p.m. GMT
Description RIC Last U.S. Close Previous Session Pct Change YTD Pct High Bid Low Bid
Dollar index 100.88 100.7 0.17% -0.48% 100.94 100.56
Euro/Dollar 1.1119 1.1133 -0.12% 0.74% $1.1146 $1.1112
Dollar/Yen 141.65 140.59 0.72% 0.39% 141.84 140.36
Euro/Yen 1.1119 156.53 0.63% 1.21% 157.87 156.06
Dollar/Swiss 0.8468 0.8449 0.2% 0.58% 0.8478 0.843
Sterling/Dollar 1.3178 1.3216 -0.26% 3.58% $1.3229 $1.318
Dollar/Canadian 1.3589 1.3587 0.02% 2.52% 1.3617 1.3581
Aussie/Dollar 0.6759 0.6752 0.15% -0.83% $0.6769 $0.6742
Euro/Swiss 0.9416 0.9403 0.14% 1.4% 0.9422 0.9383
Euro/Sterling 0.8436 0.8423 0.15% -2.69% 0.8438 0.8419
NZ Dollar/Dollar 0.6187 0.6201 -0.19% -2.06% $0.6211 0.6179
Dollar/Norway 10.5954 10.5865 0.08% 4.54% 10.623 10.5601
Euro/Norway 11.7828 11.786 -0.04% 4.98% 11.8099 11.7553
Dollar/Sweden 10.1895 10.1687 0.2% 1.22% 10.2075 10.1504
Euro/Sweden 11.331 11.322 0.08% 1.85% 11.3465 11.306
(Reporting by Chibuike Oguh in New York; Editing by Andrea Ricci)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.