FOREX-Dollar gains after upbeat U.S. retail sales data

* U.S. retail sales surge in May
* Focus on Fed Chairman Powell's testimony
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

(Recasts, adds new analyst comment, U.S. data, FX table, previous LONDON)
By Gertrude Chavez-Dreyfuss
NEW YORK, June 16 (Reuters) - The dollar gained on Tuesday after a record increase in U.S. retail
sales in May after two straight months of declines, reinforcing a growing belief that the worst may be
over for the world's largest economy.
The U.S. currency turned positive against the yen after the data, while the euro hit session lows
versus the greenback.
Tuesday's data showed U.S. retail sales jumped 17.7% last month, the biggest rise since the government
started tracking the series in 1992. Data for April was revised to show a record 14.7% drop in sales
instead of the previously reported 16.2%. Economists polled by Reuters had forecast retail sales would
rise 8% in May. The data followed a report early this month showing that the U.S. economy created 2.5 million jobs in
May.
"There are signs from the data here of better traction for the U.S. economy," said Shaun Osborne,
chief FX strategist at Scotiabank in Toronto. "Perhaps we can move way from the binary risk-off and
risk-on move of the market and just focus on fundamentals."
In mid-morning trading, the dollar index was up 0.3% at 96.822 =USD .
The euro dropped 0.4% against the dollar to $1.1282 EUR=EBS .
The greenback, meanwhile, rose 0.1% against the yen at 107.385 yen EUR=EBS .
Fed Chairman Jerome Powell is due to testify before the Senate Banking Committee on Tuesday. He will
deliver the same testimony on Wednesday before the House of Representatives Financial Services Committee.
His testimony comes a day after the Fed said it would start buying corporate debt on Tuesday as part
of an already announced stimulus scheme, and launched its Main Street Lending Program for businesses.
Investors will be listening for hints the Fed is willing to do more.

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Currency bid prices at 9:42AM (1342 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR= $1.1279 $1.1322 -0.38% +0.61% +1.1352 +1.1271
Dollar/Yen JPY= 107.3900 107.3100 +0.07% -1.35% +107.6300 +107.2400
Euro/Yen EURJPY= 121.14 121.52 -0.31% -0.66% +122.1100 +121.0900
Dollar/Swiss CHF= 0.9487 0.9490 -0.03% -1.98% +0.9502 +0.9464
Sterling/Dollar GBP= 1.2626 1.2602 +0.19% -4.77% +1.2687 +1.2596
Dollar/Canadian CAD= 1.3537 1.3570 -0.24% +4.24% +1.3597 +1.3504
Australian/Doll AUD= 0.6928 0.6918 +0.14% -1.32% +0.6976 +0.6897
ar
Euro/Swiss EURCHF= 1.0700 1.0745 -0.42% -1.40% +1.0770 +1.0686
Euro/Sterling EURGBP= 0.8931 0.8983 -0.58% +5.65% +0.8989 +0.8916
NZ NZD= 0.6465 0.6472 -0.11% -4.02% +0.6506 +0.6438
Dollar/Dollar
Dollar/Norway NOK= 9.5117 9.5353 -0.25% +8.35% +9.5593 +9.4529
Euro/Norway EURNOK= 10.7303 10.8010 -0.65% +9.07% +10.8220 +10.6990
Dollar/Sweden SEK= 9.3132 9.2814 +0.00% -0.37% +9.3230 +9.2461
Euro/Sweden EURSEK= 10.5060 10.5059 +0.00% +0.35% +10.5351 +10.4888

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Euro close to this year's high https://tmsnrt.rs/30SDaSd
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