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Dollar Retreats On Weak Data
(RTTNews) - The U.S. dollar fell against some of its major counterparts on Wednesday, weighed down by a batch of weak economic data, and on caution ahead of the Jackson Hole Symposium.
Data from the Commerce Department showed new orders for U.S. manufactured durable goods came in unchanged in July, as against expectations for a 0.6% increase. Durable goods orders increased by an upwardly revised 2.2% in June.
Data from the National Association of Realtors showed pending home sales dropped by 19.89% in July, after falling by an upwardly revised 20.2% in June.
On Tuesday, Minneapolis Fed President Neel Kashkari reiterated the U.S. central bank's commitment to bringing inflation under control through tighter monetary policy.
The dollar index, which climbed to 109.11 in early New York session, dropped to 108.36 by late morning, and despite emerging above the flat line a little past noon, remains subdued at 108.66, up just marginally from the previous close.
Against the Euro, the dollar is trading at 0.9969. The dollar is trading at 1.1798 against Pound Sterling, while against the Japanese currency, it is trading at 137.10 yen.
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