|12-22-2014, 09:42 PM||#1|
Euro rebounds against U.S. dollar, U.S. data in focus
The euro rebounded against the U.S. dollar on Monday off two-year lows after the weakest existing home sales data in six months.
The U.S. dollar received a knock earlier today after U.S. existing home sales declined at much higher than expected rate in November.
The euro was up 0.21% at $1.2253 as of 17:35 GMT.
The Dollar Index, which tracks the performance of the U.S. dollar against a basket of major currencies, was unchanged.
Volumes tend to slowdown in pre-holiday trading, but a big part of traders is still in the market, with Tuesday’s run of U.S. data in focus.
Government data to be released tomorrow include updates on quarterly growth, durable goods orders, household spending and new home sales. Data have been cramped up into Tuesday ahead of the Christmas holiday.
The euro however, is looking at a weaker outlook for next year, considering the divergence in monetary policies between the European Central Bank (ECB), which is set to loosen policy, and the U.S. Federal Reserve who is on track to tighten conditions.
Investors are also worried about the situation in Greece, where Prime Minister Antonis Samaras is expected to find it difficult to avoid a snap election in the two remaining rounds of the voting for his presidential candidacy. The voting is planned on December 23, with the third round to be on December 29.
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