Dollar Index Reaches Two-Week High as US Economic Growth Beats Expectations

The dollar index, DXY, rose to a two-week high today, gaining 0.09%. The increase follows signs of US economic growth, as August retail sales exceeded expectations with a 1.2% monthly rise, the largest in five months.

Additionally, the US import price index ex-petroleum increased by 0.8% month-over-month, beating predictions of 0.3%. These numbers bolstered the dollar's value ahead of the Federal Reserve's expected interest rate hike today.

However, not all news was positive for the dollar. A decline in the September NAHB housing market index to a three-and-a-half-year low and a decrease in WTI crude oil prices by 2% weighed on the currency.