The Federal Reserve, which concludes it two-day monetary policy meeting tomorrow, is widely expected to reduce its quantitative easing by
Earlier this month, Chairman
Meanwhile, traders continue to track developments in
Light Sweet Crude Oil futures for September delivery, the most actively traded contract, dropped
Crude prices for September delivery scaled a high of
On Monday, crude oil futures ended lower despite lingering concerns over the ongoing unrest in
The dollar index, which tracks the US unit against six major currencies, traded at 81.20 on Tuesday, up from its previous close of 81.01 late Monday in North American trade. The dollar scaled a high of 81.25 intraday and a low of 80.99.
The euro traded lower against the dollar at
In economic news from the US, the Conference Board said its consumer confidence index surged up to 90.9 in July from an upwardly revised 86.4 in June, reaching its highest level since hitting 95.2 in
Economists had been expecting the index to inch up to a reading of 85.4 from the 85.2 originally reported for the previous month.
Meanwhile, home prices in major US metropolitan areas continued to increase at a slower pace in May, Standard & Poor's report showed. The S&P/Case-Shiller 20-City Composite Home Price Index increased at an annual rate of 9.3% in May compared to the 10.8% growth reported for April. Economists expected a more modest slowdown to an annual rate of 9.9%.
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