Investing.com - The dollar steadied against a basket of major currencies on Thursday, after the release of mixed economic data while investors looked ahead to a key House vote to repeal and place Obamacare.
The dollar was on track to break its two-day losing streak, after the release of better than expected new home sales data while initial jobless claims rose faster than expected.
The Commerce Department said on Thursday new home sales increased 6.1 % to a seasonally adjusted annual rate of 592,000 units last month compared to expectations of a 0.7% increase to 565,000 units.
Elsewhere, initial jobless claims increased by 15,000 to 258,000 in the week ending March 18 from the previous week’s revised total of 243,000 against analysts’ expectations of a drop by 1,000 to 240,000.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.05% to 99.52 by 13:27 EDT.
Meanwhile, investors anxiously awaited the results of a key House vote to repeal and replace Obamacare, as President Trump attempts to make a last minute ditch to secure Republican votes for the bill.
President Trump’s efforts to push through this bill is seen by financial markets as a crucial test of his ability to deliver on his legislative agenda, which includes tax reform.
Meanwhile, the pound rose to a four-week high against the dollar, buoyed by better than expected retail sales data.
Core retail sales, which exclude automobile sales and fuel, increased by 1.3% in February, confounding expectations for a 0.4% rise.
GBP/USD trading 0.41% higher at $1.2527.
Elsewhere, EUR/USD dipped to $1.0784, down 0.11%, while EUR/GBP lost 0.45% to 0.8608.
Meanwhile, the dollar bucked its trend higher to trade lower against the yen with USD/JPY down 0.2% to 110.94 while USD/CAD traded flat at $1.3329.