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Dollar bounces as U.S. economy sends mixed signals; sterling drops

The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes.

November 17, 2022 / 08:08 PM IST

The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound fell as the UK government unveiled its latest budget update.

The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes.

Yet the dollar climbed on Thursday after U.S. retail sales data for October, released on Wednesday, came in stronger than expected.

The euro was down 0.63% against the dollar at $1.033 at 1340 GMT, after hitting its highest level since July at $1.048 on Tuesday.