NEW YORK, Aug. 15 (Xinhua) — The U.S. dollar edged up on Tuesday, as U.S. retail spending picked up in July higher than anticipated.
Retail gross sales grew 0.7 p.c in July, the U.S. Commerce Department reported Tuesday. That was above each the 0.4 p.c improve projected by Refinitiv economists and the 0.2 p.c achieve recorded in June.
The dollar index, which measures the dollar in opposition to six main friends, rose 0.02 p.c to 103.2057 in late buying and selling.
“The fact that the labor market is still strong is a support for spending,” stated Richard Moody, chief economist at Regions Financial.
Nonetheless, Moody anticipated client spending to gradual after the summer time months in classes akin to journey, leisure and recreation. “There’s only so long strength in that is going to persist,” he stated.
The U.S. dollar briefly surged earlier in buying and selling after the info earlier than it declined, and it later rebounded.
Alex Kuptsikevich, FxPro’s senior market analyst, stated that Wednesday’s launch of the minutes of the most recent Federal Reserve coverage assembly might present an necessary clue as to the route of journey, and it’s extra possible that the dollar’s path will probably be decided on the finish of subsequent week through the Fed’s Jackson Hole symposium.
In late New York buying and selling, the euro was unchanged at 1.0904 U.S. {dollars}, and the British pound rose to 1.2705 U.S. {dollars} from 1.2675 {dollars} within the earlier session.
The U.S. dollar purchased 145.6500 Japanese yen, greater than 145.5120 Japanese yen of the earlier session. The U.S. dollar fell to 0.8788 Swiss francs from 0.8790 Swiss francs, and it rose to 1.3492 Canadian {dollars} from 1.3469 Canadian {dollars}. The U.S. dollar rose to 10.8578 Swedish Krona from 10.8109 Swedish Krona.