US Dollar Strengthens After Retail Sales

New York (May 13)  The dollar rose versus European rivals Fridaym but was weaker agains the yen after upbeat retail sales data.

The  Commerce Department  said retail sales surged up by 1.3% in April after slipping by 0.3% in March. Economists had expected sales to climb by 0.9%.

A separate report from the  University of Michigan  also showed that consumer sentiment jumped to an eleven-month high in May.

 Federal Reserve  officials have indicated a rate hike will be debated at their upcoming June meeting.

The dollar rose to  USD1.1290  versus the euro and  USD1.4370  against the sterling.

The official second estimate of  Eurozone  growth has been revised down to 0.5% in the first quarter of the year from 0.6% estimated earlier. On a yearly basis, GDP growth eased marginally to 1.5% from 1.6%.

Source: RTTnews