U.S. dollar firms after strong retail sales data

U.S. dollar firms after strong retail sales data

Xinhua
16 Feb 2023, 03:14 GMT+

NEW YORK, Feb. 15 (Xinhua) -- The U.S. dollar strengthened in late trading on Wednesday after data showing U.S. retail sales jumped in January.

The dollar index, which measures the greenback against six major peers, increased 0.65 percent at 103.9080 in late trading.

In late New York trading, the euro was down to 1.0683 U.S. dollars from 1.0738 dollars in the previous session, and the British pound decreased to 1.2023 U.S. dollars from 1.2175 dollars in the previous session.

The U.S. dollar bought 134.15 Japanese yen, higher than 133.05 Japanese yen of the previous session. The U.S. dollar rose to 0.9243 Swiss francs from 0.9214 Swiss francs, and it climbed to 1.3399 Canadian dollars from 1.3337 Canadian dollars. The U.S. dollar increased to 10.4396 Swedish Kronor from 10.3572 Swedish Kronor.

The U.S. Commerce Department reported Wednesday that sales at U.S. retailers surged 3 percent last month, the biggest increase in nearly two years. Economists polled by Reuters had forecast sales would increase 1.8 percent.

The data came one day after a hotter-than-expected January U.S. consumer price index (CPI) report.

The retail sales report suggested "consumer spending has regained momentum after losing steam at the end of last year, compounding the Fed's resolve - already bolstered by yesterday's CPI - to continue tightening," Will Compernolle, senior economist at FHN Financial, said Wednesday in a note.

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