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U.S. dollar strengthens amid debt ceiling worries

NEW YORK
2023-05-17 07:01

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NEW YORK, May 16 (Xinhua) -- The U.S. dollar was up in late trading on Tuesday as traders focused on debt ceiling negotiations.

The dollar index, which measures the greenback against six major peers, was up 0.12 percent to 102.5606 in late trading.

In late New York trading, the euro was down to 1.0868 U.S. dollars from 1.0874 dollars in the previous session, and the British pound was down to 1.2486 U.S. dollars from 1.2528 dollars in the previous session.

The U.S. dollar bought 136.3070 Japanese yen, higher than 136.0770 Japanese yen of the previous session. The U.S. dollar rose to 0.8959 Swiss franc from 0.8949 Swiss franc, and it was unchanged to close at 1.3469 Canadian dollars. The U.S. dollar was up to 10.4029 Swedish Krona from 10.3432 Swedish Krona.

U.S. Treasury Secretary Janet Yellen on Tuesday warned that "a default would crack open the foundations upon which our financial system is built," following her reaffirmation that the United States could default on its debt as early as June 1.

U.S. President Joe Biden would cut short his trip to Asia this week so as to defuse the looming debt ceiling crisis, according to media reports on Tuesday.

The U.S. Census Bureau reported Tuesday that the U.S. retail sales increased by 0.4 percent in April month on month, lower than the forecast consensus of 0.7 percent. The month-on-month decrease in March was revised to -0.7 percent from -1 percent.

The Federal Reserve reported Tuesday that U.S. industrial production increased by 0.5 percent in April month on month, higher than economists' expectation of an unchanged reading. The growth of industrial production in March had been revised from 0.4 percent to zero growth.

Meanwhile, the number of people claiming for unemployment benefits in Britain increased by 46,700 in April, higher than 26,500 in March, according to data issued by the Office for National Statistics of the United Kingdom on Tuesday.
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