Dollar pares losses after US retail sales data

NEW YORK: The dollar pared losses against the yen and euro on Tuesday as in-line growth in domestic retail sales in August signaled solid consumer spending in the third quarter, which might help sway the US Federal Reserve to raise interest rates on Thursday.

The US Commerce Department said retail sales, excluding cars, gasoline, building materials and food services, rose 0.4 percent last month following an upwardly adjusted 0.6 percent increase in July.

This gauge on sales of core retail goods and services tracks closely with consumer spending component of the gross domestic product.

The dollar was last down 0.3 percent at 119.81 yen, while the euro was down 0.2 percent at $1.1300.