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Currencies: Dollar perks up after data but on track for weekly decline

The dollar perked up against major rivals on Friday, erasing early weakness after positive economic data, but remains weaker against most major rivals over the week.

U.S. retails sales rose by 0.6% in December driven by record auto sales. Even though the headline number slightly was below forecasts by economists, it was still fairly strong, according to Neil Mellor, chief currency strategist at BNY Mellon.

Separately, wholesale inflation rose in December. Higher rates of inflation will allow the Federal Reserve to continue with the normalization of interest rates. The Fed is on track to raise rates three times this year, according to so-called ‘dot plot’ chart.

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