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Dollar strengthens after economic data, pressuring oil
Shoaib Ur Rehman
13 May, 2016
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Copyright Reuters, 2016
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![](https://i.brecorder.com/images/2016/05/us-stock1-mayaaaa.jpg">NEW YORK: The US dollar surged to a more than two-week high against a basket of currencies following stronger-than-expected US economic data, putting pressure on oil prices, which fell after three days of gains.</P><P>After cutting losses following the economic data, Wall Street was little changed in late morning trading. US retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum.</P><P>But lacklustre quarterly results from department store operators Nordstrom and J.C. Penney, following weak reports from retailers earlier in the week, reignited jitters about the consumer sector. </P><P>While the retail sales report was positive, )
