Forex Pros – The U.S. dollar was lower against its major counterparts on Tuesday, as upbeat Chinese economic data boosted demand for higher-yielding assets but concerns over Greece’s debt crisis tempered the euro’s gains.
During European morning trade, the greenback slipped against the euro, with EUR/USD rising 0.31% to hit 1.4457.
The greenback was also down against the pound, with GBP/USD climbing 0.19% to hit 1.6405.
Earlier Tuesday, official data showed that U.K. consumer price inflation rose in line with expectations in May.
But the greenback was higher against the yen and the Swiss franc with USD/JPY easing up 0.12% to hit 80.33 and USD/CHF gaining 0.22% to hit 0.8389.
The Bank of Japan left its benchmark interest rate unchanged at a record low of 0.1% earlier and announced a new JPY500 billion lending plan, in a move designed to bolster the earthquake-hit economy by channeling funds to industries.
Elsewhere, the greenback was down against its Canadian, Australian and New Zealand counterparts, with USD/CAD shedding 0.20% to hit 0.9739, AUD/USD rising 0.39% to hit 1.0641 and NZD/USD advancing 0.51% to hit 0.8195.
Earlier in the day, Chinese government data showed that consumer price inflation rose at an annualized rate of 5.5% in May, broadly in line with expectations.
Separate reports showed that producer price inflation rose slightly more-than-expected, while retail sales and industrial production data all showed robust growth.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.22%.
Later Tuesday, the U.S. was to publish official data on retail sales and producer price inflation.
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