NEW YORK: The US dollar touched a 15-month low and then bounced against a basket of currencies on Tuesday after core retail sales saw strong gains in June, as investors wait on the Federal Reserve’s interest rate decision next week.
Headline US retail sales rose less than expected in June, with a 0.2% increase during the month. Data for May was also revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.Core sales showed more resilience, however. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June. Data for May was revised slightly up to show core retail sales increasing 0.3% instead of the previously reported 0.2%.
The dollar index was last up 0.06% on the day at 99.956, after earlier falling to 99.549, the lowest since April 2022. The euro dipped 0.02% to $1.1226 after earlier hitting $1.12760, the highest since Feb. 2022.
The dollar edged up 0.03% against the Japanese yen to 138.71, after dropping to 137.245 on Friday, the lowest since May 17.
The British pound was little changed at $1.3074, after hitting $1.31440 on Thursday, the highest since April 2022.
The Australian dollar fell 0.15% to $0.6807 after minutes of the Reserve Bank of Australia’s (RBA) July policy meeting released on Tuesday provided no major surprises on the rate outlook.
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