News Column

US Dollar Advances After Strong Consumer Confidence, New Home Sales Data

June 24, 2014

BRUSSELS (Alliance News) - The US dollar climbed against the other major currencies in New York deals on Tuesday, after better-than-expected US consumer confidence index for June and new home sales for May.

The data released by Conference Board showed that consumer confidence index jumped to 85.2 in June from a revised 82.2 in May, reaching its highest level since January of 2008. Economists had expected the index to edge up to 83.5 from the 83.0 originally reported for the previous month

Meanwhile, US new home sales soared 18.6% to a seasonally adjusted annual rate of 504,000 in May from the revised April rate of 425,000, the Commerce Department said. Economists had expected sales to climb to a rate of 440,000 from the 433,000 originally reported for the previous month.

The greenback extended advance to a 6-day high of 1.6967 against the pound.

The greenback recovered to 0.8955 against the franc and 1.3593 against the euro from early 4-day lows of 0.8924 and 1.3627, respectively. Against the yen, the greenback touched a session's high of 102.13, off early low of 101.81.

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Source: Alliance News