US dollar rises amid strong retail sales data

New York (IANS) The US dollar increased in late trading on Thursday, as the US economy got a boost by estimated surging retail sales, while the euro dropped due to downbeat eurozone economic data.

In late New York trading, the euro fell to $1.1230 from $1.1298 in the previous session, and the British pound was down to $1.2988 from $1.3038 in the previous session, Xinhua news agency reported.

The Australian dollar decreased to $0.7146 from $0.7169.

The US.dollar bought 111.94 Japanese yen, lower than 112.06 Japanese yen of the previous session. The US dollar was up to 1.0153 Swiss francs from 1.0104 Swiss francs, and it was up to 1.3386 Canadian dollars from 1.3343 Canadian dollars.

Advance estimates of US retail and food services sales for March reached $514.1 billion, an increase of $1.6 per cent from the previous month, and 3.6 percent above March 2018, the US Census Bureau said on Thursday.

In contrast, the euro was dampened by signs of weakening manufacturing and services sectors in the region, causing concerns over a slower pace of eurozone economic growth.

The IHS Markit Eurozone Composite Purchasing Managers Index (PMI) fell from 51.6 in March to 51.3 in April, reaching a three-month low. A reading above 50.0 indicates an increase in activity.

The dollar index, which measures the greenback against six major peers, increased 0.46 percent at 97.4566 in late trading.

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