Markets

Dollar steadies above 13-month lows as US data top expectations

Investing.com -

Investing.com - The dollar steadied above thirteenth-month lows against a basket of global currencies on Monday, as mostly upbeat U.S. economic data helped offset U.S. political jitters.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose by 0.09% to 93.86.

Fresh on the heels of posting a two-week losing streak, the greenback attempted to make a positive start to the week, after manufacturing and services data topped forecasts, easing concerns about a slowdown in the U.S. economy.

On Monday, Markit's manufacturing and services flash surveys both showed the U.S. beating expectations.

The pair of bullish economic reports were partly offset, however, by weaker-than-expected housing data and continued U.S. political uncertainty.

Sales of second-hand homes slid in June to the lowest level since February as tight supply and high prices weighed on housing activity despite strong demand.

Sales of previously-owned homes fell 1.8% in June from the previous month, to an annualized pace of 5.52m units, the National Association of Realtors said on Monday.

President Donald Trump's son-in-law and senior advisor Jared Kusher said neither he nor anyone in the Trump campaign team colluded with Russian officials over the US election.

The pound was the main beneficiaries of dollar weakness, rising 0.26% to $1.3027, despite the International Monetary Fund (IMF) slashing its UK GDP growth forecast from 2% to 1.7% amid concerns about a slowdown in economic activity.

EUR/USD erased some of its recent gains, falling 0.23% to $1.1637, while EUR/GBP dipped 0.47% to 0.8931, as Eurozone manufacturing and services data undershot forecasts.

USD/CAD traded at $1.2520, down 0.15%, following a bounce in the oil-sensitive loonie after oil prices ticked higher in the wake of the Opec meeting on Monday while USD/JPY rose to Y111.20, up 0.05%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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