Daily Insight -- USD extends gains
The USD strengthened significantly against other major currencies on Tuesday. Easing tensions between the United States and North Korea bolstered the USD at the beginning of the week, while Tuesday's increase resulted largely from strong macroeconomic data. According to a Department of Commerce report, US retail sales rose 0.6% MoM, above the forecast for a gain of 0.4%, the highest growth rate since the beginning of the year. Another report showed that the Empire State manufacturing index surged to 25.2 in August from 9.8 the previous month, having posted the highest level since September 2014. On the back of strong domestic data, the DXY index rose 0.5% to 93.85, while through the day it was 93.43 - 94.14.
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