09:02 AM EDT, 06/18/2024 (MT Newswires) -- The US dollar pared prior gains over all major currencies in early North American trade on Tuesday after US retail sales figures underwhelmed expectations with core ex-autos sales falling outright in June.

EUR/USD and GBP/USD climbed off intraday lows around 1.0710 and 1.2668, respectively, while USD/JPY and USD/CAD retreated further from session highs around 158.18 and 1.3755, respectively, following the data.

Retail sales rose just 0.1% month-over-month in June following a 0.2% contraction in May, which was below expectations for a 0.2% increase. The decline pushed the year-over-year sales increase down to 2.3% in June, from 3% in May.

Sales fell by 0.1% MoM if large ticket items such as cars are excluded from the data when they had been expected to rise 0.2%. Sales growth was 0.1% MoM if both cars and gasoline sales are set aside.

Two-year US bond yields slumped more than six basis points to 4.71% following the release while the rate implied by the December Fed Funds futures contract fell by four basis points to 4.95%.

All major US dollar exchange rates fell following the report with the Norwegian krone and Swedish krona swinging back into the black for the session, while the Swiss franc built further on its earlier lead over other G10 currencies.