The dollar advanced on Thursday after strong U.S. retail sales data underpinned the resilience of the world's largest economy, cementing the case that the Federal Reserve still has further to go in tightening rates.
in January after two straight monthly declines, driven by purchases of motor vehicles and other goods, the U.S. Commerce Department said on Wednesday.
The greenback surged on the back of the data release and clung to most of those gains on Thursday, with the U.S. dollar index last 0.07% higher at 103.87, after hitting a near six-week top of 104.11 in the previous session."The U.S. economy continues to operate well. There's very strong labour market data coming through, and the consumers are well supported," said Jarrod Kerr, chief economist at Kiwibank. "We do think the Fed's got a little bit more work to do.
In other currencies, sterling fell 0.19% to $1.2015, after sliding more than 1% in the previous session.more than expected in January and there were signs of cooling price pressure in parts of the economy watched closely by the Bank of England, data released on Wednesday showed."It's still a very high number. The good news is that inflation is likely peaking, or has peaked. So the outlook for UK's inflation is improving," said Kiwibank's Kerr.
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