Breaking News
0

Forex - Dollar Shrugs off Upbeat U.S. Housing Data as Stronger Euro Weighs

Stock MarketsJul 30, 2018 01:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Dollar shrugs off upbeat U.S. housing data as stronger euro weighs

Investing.com – The dollar came under pressure Monday, shrugging off upbeat U.S. housing data as a stronger euro weighed on sentiment.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.42% to 94.07.

The housing sector, meanwhile, showed a little resilience as the National Association of Realtors’ pending home sales rose 0.9% to 106.9 in June, ending two consecutive months of declines.

"The trend in (pending home) sales is flat, and the mortgage applications numbers point to a modest decline over the next few months, as higher mortgage rates and tighter lending standards bite into demand," Pantheon said in a note to clients Monday.

"The June pending sales index suggests that July existing home sales will rise slightly, to about 5.45 million."

The better-than-expected housing data arrived as investors eagerly await a slew of updates on monetary policy from a trio of central banks this week, including the Federal Reserve on Wednesday.

The Federal Open Market Committee is expected to vote to leave interest rates unchanged on Wednesday, but market participants are expected to closely parse the accompanying statement for any tweaks in language on monetary policy.

"Wednesday's FOMC meeting is going to be a non-event as the Committee is not expected to raise rates or alter the balance sheet normalization schedule next week, though there's a risk of a change in language contained within the statement," BMO said last week.

Elsewhere, a stronger euro and pound held back performance as the latter pair rose on above-forecast UK mortgage data ahead of the widely expected Bank of England interest rate hike due later this week.

GBP/USD rose 0.24% to $1.3138, while EUR/USD rose 0.49% to $1.1715 as Eurozone consumer confidence met expectations.

USD/JPY fell 0.05% to Y110.97 as the Bank of Japan conducted its third operation in a week Monday overnight, buying $14.4 billion in the 5-to 10-year sector, sending yields on Japan 10-Year bond lower, weakening the yen.

USD/CAD fell 0.31% to C$1.3019.

Forex - Dollar Shrugs off Upbeat U.S. Housing Data as Stronger Euro Weighs
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email