The dollar slipped on Tuesday after a sharp rise overnight as strong U.S. economic data reinforced expectations that the Federal Reserve will hike interest rates in May, while China's economic recovery gathered pace in the first quarter.
The dollar index , which measures the currency against six major rivals, eased 0.078% to 102.01, after rising 0.5% overnight.showed on Tuesday
OCBC currency strategist Christopher Wong said it was quite an encouraging report, with retail sales, GDP and property sales all higher than expected, reinforcing that post-pandemic recovery momentum remained intact.showed "The dollar can remain sensitive to the strength, or not, of the economic data as the Fed likely nears the end of their tightening cycle," said Kristina Clifton, an economist at Commonwealth Bank of Australia .
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