The dollar rose against most major currencies on Tuesday as unexpected strong inflation and manufacturing data suggested the U.S. Federal Reserve may not continue cutting interest rates aggressively.
A key regional manufacturing survey showed that activity in New York State unexpectedly stabilized in April after deteriorating in February and March.
The Federal Reserve Bank of New York reported that its general business conditions index rose to a level of positive 0.6 in April from negative 22.2 in March. Economists had expected the index to come in at negative 17.
The Labor Department's Producer Price Index registered a much higher-than-anticipated 1.1 percent rise for March. The core inflation index, which strips out food and energy prices, rose by 0.2 percent, as expected.
The euro bought 1.5790 dollars in late New York trading compared with 1.5808 dollars it bought late Monday. The British pound fell to 1.9619 dollars from 1.9747 dollars.
The dollar rose to 1.0056 Swiss francs from 1.0009 Swiss francs, and rose to 102.04 Japanese yen from 101.01 Japanese yen. It fell to 1.0197 Canadian dollars from 1.0200 Canadian dollars.
Source:Xinhua
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