Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Dollar remains broadly lower after U.S. housing data

Published 03/23/2015, 11:58 AM
Updated 03/23/2015, 11:58 AM
Dollar still lower vs. rivals as U.S. rate hike uncertainty weighs

Investing.com - The dollar remained broadly lower against a basket of other major currencies on Monday, after data showed that U.S. existing home sales rose less-than-expected in February and as uncertainty over the timing of a U.S. rate hike continued to weigh on demand for the greenback.

The National Association of Realtors earlier reported that U.S. existing home sales increased 1.2% to 4.88 million units last month from 4.82 million in January. Analysts had expected existing home sales to rise 1.7% to 4.90 million units in February.

The dollar remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.

However, despite the past week’s reversal the greenback was likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.58% to 97.49.

EUR/USD jumped 1.04% to 1.0932.

The single currency found some support after Greek authorities said on Friday that they were moving towards meeting the requirements of international creditors on a more detailed reform plan in order to secure the additional bailout funds required to prevent the country's bankruptcy.

Greek Prime Minister Alexis Tsipras was set to meet with German Chancellor Angela Merkel in Berlin on Monday.

Later Monday, European Central Bank President Mario Draghi was to appear before a European Parliament committee, with the situation in Greece likely to be high on the agenda.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The pound was lower, with GBP/USD shedding 0.22% to 1.4921.

The Confederation of British Industry earlier reported that its index of industrial order expectations fell to zero this month from a reading of 10 in February. Analysts had expected the index to slip to 9 in March.

Elsewhere, the dollar was lower against the yen and the Swiss franc, with USD/JPY sliding 0.32% to 119.65 and with USD/CHF retreating 0.74% to 0.9675.

Meanwhile, the Australian, New Zealand and Canadian dollars were broadly stronger with AUD/USD gaining 0.91% to 0.7845 and NZD/USD advancing 0.80% to 0.7626, while USD/CAD edged down 0.21% to trade at 1.2526.

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.