Dollar Drops on Retail Sales Data

The U.S. dollar fell against major currencies in late New York trading on Tuesday as sales data was worse than expected.

The U.S. Commerce Department reported Tuesday that retailers' sales rose 0.3 percent in January, lower than analysts expected.

The dollar reached to near 84 against the yen in early trading session, but pared the gain after the economic data.

The Finance ministers from 17 countries in euro zone reached an agreement on Monday, announcing an effective lending capacity of 500 billion euros for future bailout fund.

However, more details were put off until leaders reach a compromise on deeper economic reforms.

Meanwhile, data showed on Tuesday that the economy of euro zone grew 0.3 percent in the fourth quarter from the previous quarter. The increase was less than the forecast of 0.4 percent.

The euro rebounded to near 1.35 against the dollar in mid-day trading session on Tuesday, but losing its momentum after the news.

In late Tuesday trading, the dollar bought 83.82 yen, comparing with 83.32 late Monday, and the euro rose to 1.3492 dollars from 1. 3483.

The British pound rose to 1.6131 dollars from 1.6034. The dollar fell from 0.9703 to 0.9669 against Swiss francs, and also fell to 0.9889 Canadian dollars from 0.9893.