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FX round-up: Dollar snaps losing streak after US jobs data

The dollar recovered from two straight days of losses on Tuesday as investors cheered better than expected US retail sales.

The Commerce Department said retail sales volumes grew by 0.2% month-on-month in November, more than the 0.1% increase forecast by economists.

The upbeat data was also in contrast with last week’s weaker than US jobs report.

Investors also mulled comments from Philadelphia Bank President Charles Plosser that the Federal Reserve should end its massive bond-buying programme before the end of 2014.

The dollar index, which measures the greenback against a basket of six others, rose to 73.95 from 73.67 the previous session.

The dollar changed hands at ¥104.13 from ¥102.92 on Monday after figures showed Japan recorded its biggest deficit on record in November.

The euro traded at $1.3678 from $1.3670 after encouraging Eurozone November industrial production data.

The British pound advanced to $1.6445 from $1.6384 after UK inflation fell to 2% in December, the Bank of England’s target.

CJ

 

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