Dollar keeps gains ahead of US retail sales data

Economies.com
2021-07-16 11:45AM UTC

The US dollar rose against a majority of rivals on Friday, extending gains for the second day, amid growing odds of the Federal Reserve to tighten monetary policy soon.

 

The dollar index rose 0.15% to 92.71 points, after opening at 92.58 points, and hit a low of 92.53 points.

 

The US dollar gained 0.25% yesterday, thanks to renewed demand for the greenback.

 

The greenback gained 0.7% so far this week, on track for the second straight weekly gain, after strong US inflation data.

 

Data showed that the US consumer prices rose at the fastest pace in nearly 13 years during June, which increased inflationary pressures on the US monetary policy makers increased the odds for start of reducing the bond-buying program.

 

At 12:30 GMT, the monthly US retail sales reading is expected down by 0.4% in June from a drop by 1.3% in May, and the core retail sales reading (excluding cars sales) is expected up by 0.4% from a drop by 0.7%.

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