|08-26-2014, 02:29 PM||#1|
Dollar drops from near one-year high after home sales data
The U.S. dollar slipped from near one-year high on Monday after a report showing U.S. new home sales unexpectedly fell last month.
New home sales retreated to 412,000 in July from a revised of 422,000 in June. Analysts had predicted a rise to 430,000.
The focus will remain on U.S. data amid investors quest to know the timing at which the Fed would raise interest rates.
Fed minutes signaled may increase borrowing costs sooner than predicted, while Janet Yellen mentioned at a meeting of central bankers in Jackson Hole, Wyoming, that the U.S. labor market was recovering.
However, Yellen stated over the weekend that raising interest rate may take place next year.
The dollar index, which tracks the green currency’s movements versus a basket of major currencies, slipped from a peak of 82.65 to hover around 82.52.
In Contrast, the EURUSD recovered its earlier losses when it plummeted to a bottom of 1.3182 to trade around 1.3200.
The euro took a breather today on expectations the ECB would intervene to prevent inflation from falling further.
ECB President Mario Draghi said the bank is ready to use fresh stimulus should inflation outlook worsens.
A report due on Friday may show that euro area CPI estimate for the year ended August slipped to 0.3 percent from 0.4 percent in July.
The ECB may use quantitative easing measures, following its cut in both interest and deposit rates in June.
The GBPUSD rebounded to halt its recent bearish trend, where it is currently trading around 1.6581 after hitting a low of 1.6535.
The sterling dipped for a seventh straight week last week on slow wage growth, below-target inflation and simmering external risks to recovery.
The USDJPY dropped from a high of 104.25 to touch a low of 103.85, while it is meanwhile wobbling around 103.94.
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