Forex News: U.S. Dollar Strengthens After New Home Sales Data

U.S. Dollar Strengthens After New Home Sales Data

(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Wednesday, after a data showed that new home sales beat forecasts in the month of August.

Data from the Commerce Department showed that new home sales came in at 716,000 in August, down 4.7 percent from a revised rate of 751,000 in July. Economists had forecast a reading of 700,000.

U.S. treasury yields rose on hopes of a soft landing for the economy.

Investors await Fed Chair Jerome Powell's remarks on Thursday and U.S. inflation data on Friday for further policy moves.

Traders are looking for clarity over the size of rate cut after the Federal Reserve decided to begin lowering interest rates last week.

The greenback climbed to 0.6826 against the aussie, 1.3475 against the loonie and 0.6269 against the kiwi, from an early 1-1/2-year low of 0.6908, 7-1/2-month low of 1.3419 and a 9-month low of 0.6355, respectively. The currency is seen finding resistance around 0.64 against the aussie, 1.38 against the loonie and 0.60 against the kiwi.

The greenback appreciated to 1.1132 against the euro and 144.60 against the yen, from an early more than 1-year low of 1.1214 and a 5-day low of 142.88, respectively. The currency is likely to locate resistance around 1.09 against the euro and 147.00 against the yen.

The greenback touched 2-day highs of 0.8500 against the franc and 1.3327 against the pound, up from an early 1-week low of 0.8415 and a 2-1/2-year low of 1.3429, respectively. The currency is poised to challenge resistance around 0.90 against the franc and 1.31 against the pound.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews