US Dollar rises after economic data and Powell's statements

The US dollar rose today against major currencies after a record jump in US retail sales during May after two consecutive months of decline in addition to a recovery in US industrial production after falling to the lowest level in more than a hundred years.

Federal Reserve Chairman Jerome Powell said today that there is great uncertainty about the timing and strength of the US economic recovery, a day after the Fed announced that it would start buying corporate debt as part of the economic stimulus plan.

The main dollar index, which measures the currency’s performance against 6 major currencies, rose 0.5% to 97.019, the European single currency fell against the dollar to 1.1262 dollars, and the British pound fell against the dollar to 1.2581 dollars