WS: Dollar takes back some ground after better-than-expected economic reports
NEW YORK — The dollar is paring some of its losses against the euro and pound and rising versus the yen after better-than-expected economic reports in the U.S.
The government says retail sales fell 0.2 percent in May, the first drop in 10 months. Economists had expected a steeper decline. Another report says wholesale prices rose 0.2 percent in May, the smallest increase in 10 months, which suggests some relief from high costs for businesses.
In morning trading Tuesday in New York, the euro is worth $1.4423, up slightly from $1.4412 late Monday but off from levels earlier Tuesday. The dollar is rising to 80.55 Japanese yen from 80.19 yen, while the British pound trades at $1.6397 versus $1.6370. The British currency was worth more before the reports were released.
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