US dollar climbs amid upbeat retail sales data

The US dollar appreciated in late trading on Tuesday after data showed a strong rebound in US retail sales.

The dollar index, which measures the greenback against six major peers, increased 0.26 per cent at 96.9586.

In late New York trading, the euro decreased to $1.1271 from $1.1315 in the previous session, and the British pound fell to $1.2577 from $1.2582 in the previous session. The Australian dollar decreased to $0.6893 from $0.6915, Xinhua reported.

The US dollar bought 107.28 Japanese yen, lower than 107.32 Japanese yen of the previous session. The US dollar increased to 0.9494 Swiss franc from 0.9481 Swiss franc, and it increased to 1.3567 Canadian dollars from 1.3561 Canadian dollars.

US retail sales soared 17.7 percent in May, following a revised 14.7-per cent slump in April, the US Department of Commerce reported on Tuesday. The reading exceeded market consensus.

Traders also digested the US Federal Reserve’s latest measures to support market liquidity amid the COVID-19 pandemic.

The Fed said Monday it would begin buying individual corporate bonds under its Secondary Market Corporate Credit Facility.