Currency Buzz: US Dollar Near Five Month Peak

US Dollar index soared above 93 levels to top its highest mark in nearly five months amid supportive US economic data and rising bond yields. The US benchmark 10-year bond yield broke through the key 3% level to hit its highest mark in nearly seven years. This supported the US currency amid mostly positive economic releases. US NAHB/Wells Fargo Housing Market Index rose to 70 in May from a downwardly revised 68 in April, according to a report released by the National Association of Home Builders on Tuesday. Retail sales in the US increased though the pace of expansion was weak. The Commerce Department said retail sales edged up by 0.3% in April after climbing by an upwardly revised 0.8% in March. However, in another supportive data, the New York Fed said its general business conditions index spiked to 20.1 in May from 15.8 in April, with a positive reading indicating growth in regional manufacturing activity.