Dollar Off Against Foreign Currencies
The dollar sank against major foreign currencies in active trading on Tuesday, its decline prompted by further evidence of a sluggish U.S. economy. Gold prices rose. Bullion was quoted at $348 an ounce at Republic National Bank in New York, up $3 from Monday’s bid.
“We have the dollar on the move again. It’s going down,” said Robert Brusca, chief economist at Nikko Securities Co. International Inc. “Things are looking a little bad for the dollar.”
Traders said the dollar came under selling pressure during the morning from speculation that reports on U.S. retail sales and industrial production in June would fall below projections. Later, the Commerce Department reported a 0.2% rise in retail sales in June, weaker than expected. However, it also revised its report on May retail sales to show a 0.7% rise instead of the earlier-reported 0.1% decline.
A Federal Reserve Board report of a 0.5% decline in U.S. industrial production in June also exceeded market expectations.
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