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Dollar Stays Positive, Gains Against Major Counterparts
(RTTNews) - The U.S. dollar stayed firm for much of the day's trading session on Wednesday with traders assessing recent economic data and the tariff moves by President Donald Trump, and continuing to monitor the developments on the geopolitical front.
In economic news, a report released by the Commerce Department showed a substantial pullback by new home sales in the U.S. in the month of January.
The report said new home sales plunged by 10.5% to an annual rate of 657,000 in January after spiking by 8.1% to an upwardly revised rate of 734,000 in December.
Economists had expected new home sales to slump by 2.6% to an annual rate of 680,000 from the 698,000 originally reported for the previous month.
The sharp pullback by new home sales came amid steep drops in the Northeast, Midwest and South, while new home sales in the West saw a notable increase.
Investors now await the second estimate of GDP growth and the PCE report later this week.
The dollar index, which climbed to 106.65 in early New York Session, dropped to around 106.20 before advancing to 106.53, gaining about 0.21%.
Against the Euro, the dollar firmed to 1.0483 from 1.0515. Against Pound Sterling, the dollar weakened a bit to 1.2676,
Against the Japanese currency, the dollar edged up marginally to 149.10 yen. The dollar strengthened to 0.6307 against the Aussie.
The Swiss franc slipped against the dollar, trading at 0.8945 a unit of the U.S. currency. Loonie weakened to 1.4339 against the greenback.
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