Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dollar index trims gains after U.S. home sales data

Published 02/23/2015, 10:50 AM
Updated 02/23/2015, 10:50 AM
Dollar pares gains vs. counterparts but remains supported

Dollar pares gains vs. counterparts but remains supported

Investing.com - The dollar trimmed gains against the other major currencies on Monday, after the release of disappointing U.S. home sales data, although concerns over whether Greece will announce the necessary reforms for its bailout extension continued to support safe-haven demand.

In a report, the National Association of Realtors said that existing home sales decreased 4.9% to 4.82 million units last month from 5.07 million in December. Analysts had expected existing home sales to fall 0.8% to 4.97 million units in January.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.30% to 94.69.

EUR/USD was down 0.41% to 1.1336 from 1.1383 late Friday.

The single currency came under renewed selling pressure as concerns over the conditions attached to the bailout extension kept investors cautious. Athens was to submit a list of reforms to be approved by the country’s creditors in order to secure the extension later Monday.

The traditional safe-haven Swiss franc was lower amid relief over the deal, with USD/CHF rallying 1.14% to 0.9489. The euro was also higher against the Swissie, with EUR/CHF up 0.78% to trade at 1.0757.

The yen was steady against the dollar, with USD/JPY at 118.96, while EUR/JPY declined 0.44% to 1.0756.

Earlier Monday, the minutes of the Bank of Japan’s January meeting showed that three policymakers expressed doubts the central bank can meet its inflation target because of a slowdown in underlying prices and falling oil prices.

In other trade, GBP/USD rose 0.24% to 1.5431.

The Confederation of British Industry reported on Monday that its index of U.K. retailers plunged by 38.0 points to a 21-month low of 1.0 in February from 39.0 in January. Analysts had expected the index to fall by 5.0 points to 34.0 this month.

The Australian and New Zealand dollars were mixed, with AUD/USD down 0.65% to 0.7791 and NZD/USD steady at 0.7524.

Meanwhile, USD/CAD gained 0.46% to 1.2588. The loonie remained under pressure after weak domestic retail sales data on Friday was seen as increasing the likelihood of another rate cut by the country’s central bank.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.