US dollar strengthens ahead of Fed rate cut move

NEW YORK :The U.S. dollar strengthened against most major currencies on Tuesday following better-than-expected retail sales data that seemed to support a less aggressive stance by the Federal Reserve when it delivers a much expected interest rate cut.
Commerce Department data showed on Tuesday that U.S. retail sales unexpectedly rose 0.1 per cent in August, suggesting that the economy remained on solid footing through much of the third quarter.
The Fed’s Federal Open Market Committee will give its interest rate decision at the conclusion of its meeting on Wednesday after which Chair Jerome Powell will hold a press conference.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.14 per cent at 100.84.
Against the yen, the dollar rose 0.84 per cent to 141.765 after weakening slightly following the retail sales data.
The euro hovered around $1.1132, not far from the year’s high of $1.1201.
“We obviously are waiting for the FOMC. That’s probably the overarching theme and we’ve had some moves with economic data that have come out today,” said Axel Merk, president and chief investment officer at Merk Investments.
Currency bid prices at 17 September​ 03:06              
p.m. GMT
Description RIC Last U.S. Close Previous Session Pct Change YTD Pct High Bid Low Bid
Dollar index 100.88 100.7 0.17 per cent -0.48 per cent 100.94 100.56
Euro/Dollar 1.1119 1.1133 -0.12 per cent 0.74 per cent $1.1146 $1.1112
Dollar/Yen 141.65 140.59 0.72 per cent 0.39 per cent 141.84 140.36
Euro/Yen 1.1119​ 156.53 0.63 per cent 1.21 per cent 157.87 156.06
Dollar/Swiss 0.8468 0.8449 0.2 per cent 0.58 per cent 0.8478 0.843
Sterling/Dollar 1.3178 1.3216 -0.26 per cent 3.58 per cent $1.3229 $1.318​
Dollar/Canadian 1.3589 1.3587 0.02 per cent 2.52 per cent 1.3617 1.3581
Aussie/Dollar 0.6759 0.6752 0.15 per cent -0.83 per cent $0.6769 $0.6742
Euro/Swiss 0.9416 0.9403 0.14 per cent 1.4 per cent 0.9422 0.9383
Euro/Sterling 0.8436 0.8423 0.15 per cent -2.69 per cent 0.8438 0.8419
NZ Dollar/Dollar 0.6187 0.6201 -0.19 per cent -2.06 per cent $0.6211 0.6179
Dollar/Norway 10.5954​ 10.5865 0.08 per cent 4.54 per cent 10.623 10.5601
Euro/Norway 11.7828 11.786 -0.04 per cent 4.98 per cent 11.8099 11.7553
Dollar/Sweden 10.1895 10.1687 0.2 per cent 1.22 per cent 10.2075 10.1504
Euro/Sweden 11.331 11.322 0.08 per cent 1.85 per cent 11.3465 11.306