US dollar strengthens ahead of Fed rate cut move
New throughout, updates prices, adds analyst comment
By Chibuike Oguh
NEW YORK, Sept 17 (Reuters) -The U.S. dollar strengthened against most major currencies on Tuesday following better-than-expected retail sales data that seemed to support a less aggressive stance by the Federal Reserve when it delivers a much expected interest rate cut.
Commerce Department data showed on Tuesday that U.S. retail sales unexpectedly rose 0.1% in August, suggesting that the economy remained on solid footing through much of the third quarter.
The Fed's Federal Open Market Committee will give its interest rate decision at the conclusion of its meeting on Wednesday after which Chair Jerome Powell will hold a press conference.
The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.14% at 100.84.
Against the yen JPY=EBS, the dollar rose 0.84% to 141.765 after weakening slightly following the retail sales data.
The euro EUR=EBS hovered around $1.1132, not far from the year's high of $1.1201.
"We obviously are waiting for the FOMC. That's probably the overarching theme and we've had some moves with economic data that have come out today," said Axel Merk, president and chief investment officer at Merk Investments.
Currency bid prices at 17 September 03:06 p.m. GMT | |||||||
Description | RIC | Last | U.S. Close Previous Session | Pct Change | YTD Pct | High Bid | Low Bid |
Dollar index | =USD | 100.88 | 100.7 | 0.17% | -0.48% | 100.94 | 100.56 |
Euro/Dollar | EUR=EBS | 1.1119 | 1.1133 | -0.12% | 0.74% | $1.1146 | $1.1112 |
Dollar/Yen | JPY=D3 | 141.65 | 140.59 | 0.72% | 0.39% | 141.84 | 140.36 |
Euro/Yen | EURJPY= | 1.1119 | 156.53 | 0.63% | 1.21% | 157.87 | 156.06 |
Dollar/Swiss | CHF=EBS | 0.8468 | 0.8449 | 0.2% | 0.58% | 0.8478 | 0.843 |
Sterling/Dollar | GBP=D3 | 1.3178 | 1.3216 | -0.26% | 3.58% | $1.3229 | $1.318 |
Dollar/Canadian | CAD=D3 | 1.3589 | 1.3587 | 0.02% | 2.52% | 1.3617 | 1.3581 |
Aussie/Dollar | AUD=D3 | 0.6759 | 0.6752 | 0.15% | -0.83% | $0.6769 | $0.6742 |
Euro/Swiss | EURCHF= | 0.9416 | 0.9403 | 0.14% | 1.4% | 0.9422 | 0.9383 |
Euro/Sterling | EURGBP= | 0.8436 | 0.8423 | 0.15% | -2.69% | 0.8438 | 0.8419 |
NZ Dollar/Dollar | NZD=D3 | 0.6187 | 0.6201 | -0.19% | -2.06% | $0.6211 | 0.6179 |
Dollar/Norway | NOK= | 10.5954 | 10.5865 | 0.08% | 4.54% | 10.623 | 10.5601 |
Euro/Norway | EURNOK= | 11.7828 | 11.786 | -0.04% | 4.98% | 11.8099 | 11.7553 |
Dollar/Sweden | SEK= | 10.1895 | 10.1687 | 0.2% | 1.22% | 10.2075 | 10.1504 |
Euro/Sweden | EURSEK= | 11.331 | 11.322 | 0.08% | 1.85% | 11.3465 | 11.306 |
World FX rates https://tmsnrt.rs/2RBWI5E
Dollar steady before Fed decision https://reut.rs/4eo7fLO
Reporting by Chibuike Oguh in New York; Editing by Andrea Ricci
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