U.S. dollar rises on upbeat data

The U.S. dollar climbed against most major currencies on Tuesday as economic data from the country came out better than expected.

Consumer Price Index for all urban consumers increased 0.4 percent in April on a seasonally adjusted basis, beating market consensus of a 0.3-percent gain, the U.S. Labor Department reported Tuesday. Over the last 12 months, the all-items index rose 1.1 percent before seasonal adjustment.

U.S. privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, higher than market consensus, the Commerce Department announced Tuesday.

Meanwhile, U.S. industrial production also beat forecasts, which increased 0.7 percent in April after decreases in the previous two months, the Federal Reserve said Tuesday.

The overall positive economic data spurred market expectation for more than one interest-rate hike later this year.

In late New York trading, the euro fell to 1.1316 dollars from 1.1305 dollars of the previous session, and the British pound increased to 1.4458 dollars from 1.4396 dollars. The Australian dollar went up to 0.7327 dollars from 0.7290 dollars.

The dollar bought 109.10 Japanese yen, higher than 109.04 yen of the previous session. The dollar climbed to 0.9797 Swiss francs from 0.9781 Swiss francs, and it inched up to 1.2911 Canadian dollars from 1.2895 Canadian dollars. Endit