Dollar Climbs Higher Against Major Rivals
(RTTNews) - The U.S. dollar climbed higher against its major rivals on Wednesday on safe-haven demand following a sell-off in the banking sector amid concerns about the debt woes of Swiss lender Credit Suisse, and the collapse of Silicon Valley Bank.
The market also digested the latest batch of economic data. The Commerce Department data showed retail sales fell by 0.4% in February after spiking by an upwardly revised 3.2% in January. Economists had expected retail sales to decrease by 0.3% compared to the 3% surge originally reported for the previous month.
Producer prices in the U.S. unexpectedly edged slightly lower in the month of February, according to a report released by the Labor Department.
The Labor Department said its producer price index for final demand slipped by 0.1% in February after rising by a downwardly revised 0.3% in January. Economists had expected producer prices to increase by 0.3% compared to the 0.7% advance originally reported for the previous month.
The dollar index climbed to 105.10 before easing to 104.77, still up with a strong gain of about 1.15%.
Against the Euro, the dollar firmed to 1.0578 from around 1.0730.
The dollar strengthened to 1.2057 against Pound Sterling from 1.2160. Against the Japanese currency, the dollar fetched 133.43 yen at close, down from 134.30 yen on Tuesday.
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