The U.S. dollar rose against most of its top counterpart currencies on Monday in advance of economic data set for release on Tuesday that will show retail sales climbed for a fourth-straight month, according to Bloomberg.
The metric is projected to support sentiment noting the U.S. Federal Reserve will slow down economic stimulus measures that aim to spur the globe's largest economy. Gains for the greenback were as high as 0.2 percent on the Dollar Index, a gauge of the currency's value against 10 competing currencies.
"A better-than-expected retail-sales number would suggest that the U.S. economy is healthy, and could reignite expectations of tapering happening in September," foreign exchange strategist Charles St-Arnaud with Nomura Holdings Inc. in New York told the publication on Monday. "We had a fairly weak U.S. dollar over the past week, so some of the strength could just be repositioning and profit-taking."
The dollar's climb against the shared currency of the European was as high as 0.3 percent. Against the yen, the dollar rose 0.7 percent, before backtracking to notch 0.4 percent gains.
Reuters reports the greenback is likely to be impacted by additional data to be released this week by the U.S.
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