Investing.com – The U.S. dollar rebounded on Tuesday as Wall Street tumbled amid worry over retail earnings results.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rallied 0.37% to 96.42, as of 11:06 AM ET (16:06 GMT),
The Dow fell more than 400 points after the opening bell, as Wall Street opened in the red for the second consecutive day.
Retail earnings from Target (NYSE:TGT) and other companies came in lower than expected, increasing worry over the holiday sales season.
Meanwhile, data on Tuesday showed that the U.S. housing sector could be a cause for concern. The number of housing starts in the U.S. rose broadly in line with expectations in October, but building permits declined.
The dollar was slightly higher against the safe-heaven Japanese yen, with USD/JPYrising 0.03% to 112.58. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.