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The U.S. dollar drifted down on Tuesday, coming further off the two-decade highs it touched late last week, as some upbeat economic data and easing Covid concerns in China triggered hectic buying in global equities and dimmed the currency's safe-haven appeal.
Fed Chair Jerome Powell said today that he is confident that the central bank can raise rates and deal with inflation without sending the economy into recession, although he noted that it will be a challenging task.
"The economy is strong. We think it is well positioned to withstand less accommodative monetary policy," Powell said.
Data released by the Commerce Department showed retail sales climbed by 0.9 percent in April after jumping by an upwardly revised 1.4 percent in March. Economists had expected retail sales to rise by 0.7 percent compared to the 0.5 percent increase originally reported for the previous month.
Excluding a rebound in sales by motor vehicle and parts dealers, retail sales rose by 0.6 percent in April after surging by 2.1 percent in March. Ex-auto sales were expected to edge up by 0.3 percent.
Industrial Production in the United States increased 6.4 percent year-on-year in April of 2022, following a downwardly revised 5.4 percent rise in March.
The dollar index dropped to a low of 103.23 before edging up slightly to 103.32, still down as much as 0.82 percent from the previous close. The index had climbed to 105.01 on Friday before turning weak.
Against the Euro, the dollar is trading at $1.0552, compared with $1.0433 on Monday.
The dollar is trading at $1.2492 against Pound Sterling, losing ground from $1.2321.
Against the Japanese currency, the dollar is stronger, fetching 129.36 yen. The dollar has weakened to 0.7030 against the Aussie from 0.6971.
The Swiss franc has firmed to 0.9936 a dollar, gaining from 1.0020, while the Loonie is stronger at 1.2811 a dollar.
