U.S. Dollar Gains Ground After Inflation Data
(RTTNews) - Erasing its early losses, the U.S. dollar climbed against its major counterparts in the New York session on Tuesday, as investors digested data showing an acceleration in the nation's consumer inflation in January.
Data from the Labor Department showed that U.S. consumer prices increased in line with economist estimates in the month of January.
The report said the consumer price index climbed by 0.5 percent in January following a revised 0.1 percent uptick in December.
Economists had expected consumer prices to rise by 0.5 percent compared to the 0.1 percent dip originally reported for the previous month.
Excluding food and energy prices, core consumer prices rose by 0.4 percent in January, matching a revised increase in December as well as economist estimates.
The greenback rose back to 133.13 against the yen, its strongest level since January 6.
The greenback climbed to 1.2117 against the pound and 0.9234 against the franc, from its early near 2-week lows of 1.2270 and 0.9136, respectively.
The greenback advanced to 1.0708 against the euro and 0.6921 against the aussie, off its early near 2-week lows of 1.0804 and 0.7029, respectively.
The greenback touched a 2-day high of 1.3391 against the loonie, reversing from an early near 2-week low of 1.3274.
The greenback strengthened to 0.6297 against the kiwi, coming off from an early multi-day low of 0.6390.
The currency is seen finding resistance around 139.00 against the yen, 1.18 against the pound, 0.94 against the franc, 1.06 against the euro, 0.67 against the aussie, 1.36 against the loonie and 0.615 against the kiwi.
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