U.S. dollar rises on upbeat economic data

The U.S. Department of Commerce announced on Tuesday that the advance estimate of U.S. retail sales for October rose 0.8 percent month-on-month to 465.9 billion U.S. dollars, beating market consensus of a 0.6 percent increase.The upbeat sales data fanned market speculation for a rate hike later this year.The U.S. dollar index, which measures the greenback against six major currencies, edged up 0.09 percent to 100.200 in late trading.The greenback has been rising for five straight sessions as U.S. President-elect Donald Trump's potential economic policies have heightened market expectations for further interest rate hikes.Analysts said that Trump's increased possibilities of tax cuts and a series of generally pro-growth policies, aided and abetted by a Republican sweep of both houses of the U.S. Congress, have lifted market speculation of rekindling inflation and more rate increases down the road.In late New York trading, the euro fell to 1.0720 U.S. dollar from 1.0729 U.S. dollars, and the British pound decreased to 1.2440 U.S. dollars from 1.2491 U.S. dollars. The Australian dollar rose to 0.7545 U.S. dollar from 0.7540 U.S. dollar.The U.S. dollar bought 109.13 Japanese yen, higher than 108.42 yen of the previous session. The U.S. dollar was up slightly to 1.0021 Swiss francs from 0.9985 Swiss franc, and it decreased to 1.3468 Canadian dollars from 1.3560 Canadian dollars, Xinhua reported. (UU.A026)
Editor: Ruslan Burhani
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