2024.01.1720:45:00UTC+00Dollar Climbs Higher Against Major Counterparts On Strong Economic Data

The U.S. dollar gained against its major counterparts on Wednesday amid fading prospects of an interest rate cut in March after data showed a bigger than expected retail sales in the month of December.

Data from the Commerce Department showed retail sales in the U.S. climbed by 0.6% in December after rising by 0.3% in November. Economists had expected retail sales to advance by 0.4%.

A separate report from the Commerce Department showed business inventories slipped by 0.1% in November, matching the dip seen in October as well as economist estimates.

A report released by the Federal Reserve showed industrial production in the U.S. inched up 0.1% in December.

The National Association of Home Builders released a report showing a significant improvement in U.S. homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index jumped to 44 in January from 37 in December. Economists had expected the index to rise to 39.

Data released by the Labor Department showed import prices in the U.S. unexpectedly came in unchanged in the month of December, after declining by a revised 0.5% in November.

The dollar index, which surged to 103.69 earlier in the day, was up marginally at 103.38 a little while ago.

Against the Euro, the dollar firmed to 1.0846 this morning, but pared gains as the day progressed and was at 1.0883, down slightly from the previous close.

Against the Japanese currency, the dollar was up at 148.19 yen, gaining from 147.19 yen. The dollar firmed to 0.6551 against the Aussie. The dollar firmed against Swiss franc, fetching CHF 0.8646 a unit, and traded higher against the Loonie at C$1.3512.