Investing.com - The dollar slumped against a basket of major currencies on Wednesday, as investors questioned the progress of Trump’s economic policies while weaker than expected existing home sales weighed on sentiment.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.12% to 99.43 by 13:10 EDT.
The dollar dived to session lows, as investors focused on the lack of progress concerning the Trump administration’s pro-growth policies ahead of a key House vote on Thursday while weaker than expected existing home sales added to downside momentum.
The National Association of Realtors said on Wednesday, existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48 million units last month.
Meanwhile, the pound dipped against the dollar on the back of a reported terror incident in the UK but later recovered with GBP/USD trading roughly flat at $1.2482.
Elsewhere EUR/USD traded slightly higher at $1.0812 while EUR/GBP gained 0.02% to 0.8651.
Meanwhile, the dollar bucked its trend lower against its Canadian counterpart with USD/CAD flat on the day at $1.3351 while USD/JPY traded 0.73% lower at 110.90, after hitting four-month lows against the yen earlier during the session.