Dollar Rises On Retail Sales Data

(RTTNews) - The U.S. dollar climbed higher on Tuesday thanks to data showing stronger than expected retail sales and import prices data, but pared gains subsequently and turned a bit weak against some of its major counterparts.

Expectations of Donald Trump's win in the upcoming presidential election contributed as well to the greenback's upmove.

data from the Commerce Department said retail sales came in flat in June after rising by an upwardly revised 0.3% in May. Economists had expected retail sales to come in unchanged compared to the 0.1% uptick originally reported for the previous month.

Excluding a sharp drop in sales by motor vehicle and parts dealers, retail sales climbed by 0.4% in June after inching up by 0.1% in May. Ex-auto sales were expected to creep up by 0.1%.

A report from the Labor Department said import prices were unchanged in June after dipping by a revised 0.2% in May. Economists had expected import prices to rise by 0.2% compared to the 0.4% decrease originally reported for the previous month.

Meanwhile, the Labor Department said export prices declined by 0.5% in June after falling by a revised 0.7% in May. Export prices were expected to edge down by 0.1% compared to the 0.6% decrease originally reported for the previous month.

The dollar index climbed to 104.51 but dropped to 104.22 as the day progressed.

Against the Euro, the dollar weakened to 1.0902 after having firmed to 1.0872 in early New York session. The dollar edged down marginally against Pound Sterling to 1.2972.

Against Japanese currency, the dollar strengthened to 158.39 yen. The dollar firmed to 0.6734 against the Aussie. The Swiss franc gained against the dollar, firming to CHF 0.8940. Against the Loonie, the dollar eased to C$1.3676, losing marginal ground.