Forex News: U.S. Dollar Showing Modest Move To The Upside

U.S. Dollar Showing Modest Move To The Upside

(RTTNews) - Following the lackluster performance seen during the Presidents Day holiday on Monday, the value of the U.S. dollar has moved modestly higher during trading on Tuesday.

The U.S. dollar index is currently up 0.32 points or 0.3 percent at 104.18 after reaching its best intraday level in well over a month.

The buck is trading at 134.97 yen compared to the 134.25 yen it fetched on Monday. Against the euro, the dollar is valued at $1.0647 compared to yesterday's $1.0686.

The dollar continued to benefit from its appeal as a safe haven amid concerns about the outlook for interest rates.

Recent economic data has led to worries the Federal Reserve may raise rates higher than currently anticipated and keep rates at an elevated level for an extended period.

On Wednesday, the Fed is scheduled to release the minutes of its latest monetary policy meeting, which could shed additional light on the outlook for interest rates.

Traders largely shrugged off a report from the National Association of Realtors showing existing home sales in the U.S. unexpectedly decreased for the twelfth consecutive month in January.

NAR said existing home sales slid 0.7 percent to an annual rate of 4.00 million in January after tumbling by 2.2 percent to a revised rate of 4.12 million in December.

The continued decline surprised economists, who had expected existing home sales to inch up by 0.1 percent compared to the 1.5 percent slump originally reported for the previous month.

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