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FOREX-Dollar gains versus yen after US economic data
August 14, 2012 / 1:01 PM / 5 years ago

FOREX-Dollar gains versus yen after US economic data

NEW YORK, Aug 14 (Reuters) - The dollar extended gains against the traditional safe-haven Japanese yen on Tuesday after data showing U.S retail sales rose for the first time in four months in July.

The data was a sign that consumers could drive faster economic growth in the third quarter.

The dollar hit a global session high of 78.87 yen, its highest since July 18. It last traded at 78.84, up 0.7 percent on the day, according to Reuters data.

The euro also gained against the yen, hitting a global session high of 97.43 and last traded at 97.20, up 0.7 percent on the day.

The euro briefly gained against the dollar after the data, rising as high as $1.2362, but last traded at $1.2328, nearly unchanged on the day.

Separate data showed U.S. producer prices were up in July but energy costs declined.

“On the surface, it’s a fairly dollar-friendly number. It’s a good sign that we saw consumer spending snap back in July,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington D.C.

“That bodes better for growth in the current quarter,” he said.

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