18.07.202320:50:00UTC+00Dollar Mixed Against Major Counterparts

The U.S. dollar was somewhat subdued against its major counterparts on Tuesday with traders digesting the latest batch of economic data and assessing the likely move by the Federal Reserve, which is scheduled to announce its monetary policy next week.

In addition to soft consumer price and producer price inflation, reports showing a drop in retail sales and a slight dip in industrial production, have added to expectations about the Fed pausing on interest rate hikes sometime soon.

Data from the Commerce Department showed retail sales edged up by 0.2% in June after climbing by an upwardly revised 0.5% in May. Economists had expected retail sales to advance by 0.5% compared to the 0.3% growth originally reported for the previous month.

Meanwhile, the Fed said industrial production slid by 0.5% in June, matching the downwardly revised decrease in May. Economists had expected production to come in unchanged compared to the 0.2% dip originally reported for the previous month.

The dollar index, which dropped to 99.59 in the Asian session, rose to 100.11 past noon, but dropped to 99.94 later.

Against the Euro, the dollar was up slightly at 1.1233, edging up from 1.1240. Against Pound Sterling, the dollar firmed to 1.3040, gaining about 0.3%.

The dollar is up against the Japanese currency, fetching 138.82 yen a unit. Against the Aussie, the dollar is up marginally at 0.6813, and weak against Swiss franc at CHF 0.8578.

Against the Loonie, the dollar is weak at C$1.3172, dropping from C$1.3173 as oil prices rose sharply.