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U.S. Dollar Advances After Strong Retail Sales Data
(RTTNews) - The U.S. dollar moved up against its major counterparts in the New York session on Tuesday, as the nation's retail sales increased more than expected in September.
Retail sales climbed by 0.7 percent in September after rising by an upwardly revised 0.8 percent in August.
Economists had expected retail sales to inch up by 0.3 percent.
Excluding sales by motor vehicles and parts dealers, retail sales rose by 0.6 percent in September following an upwardly revised 0.9 percent in August.
Ex-auto sales were expected to rise by 0.2 percent.
The greenback recovered to 1.0538 against the euro and 0.6336 against the aussie, from its early 5-day lows of 1.0579 and 0.6367, respectively. The currency is seen facing resistance around 1.03 against the euro and 0.60 against the aussie.
The greenback climbed to near 2-week highs of 0.5870 against the kiwi and 1.3702 against the loonie, up from an early low of 0.5928 and a 5-day low of 0.6367, respectively. The greenback may face resistance around 0.57 against the kiwi and 1.38 against the loonie.
The greenback edged up to 1.2132 against the pound and 0.9032 against the franc, reversing from an early low of 1.2216 and a 5-day low of 0.8987, respectively. The greenback is likely to locate resistance around 1.19 against the pound and 0.92 against the franc.
The greenback appreciated to a 4-day high of 149.79 against the yen, off an early 6-day low of 148.73. On the upside, 155.00 is seen as its next resistance level.
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