Dollar extends losses as U.S. pending home sales fall

Image result for Dollar extends losses as U.S. pending home sales fall – The dollar extended losses Wednesday as pending home sales in May unexpectedly fell.
The dollar index was off 0.43% at 95.77 at 10:30 ET near eight month lows.
Pending home sales fell 0.8% after a downward revision of a fall of 1.7% in April from an initial reading of a drop of 1.3%.
Analysts had expected sales in May to rise 0.8% from the previous month.
The dollar index’s fall came as the euro hit one-year highs.
The euro subsequently retreated after a report that upbeat remarks Tuesday by European Central Bank President Mario Draghi on the euro-zone recovery had been misinterpreted.
The single currency subsequently moved higher again as the European Central Bank held its closing banking forum panel discussion in Portugal.
The dollar was also undermined by a surge in the pound of over 1% to above the $1.29 mark.


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Loknath Das

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