Dollar Falls As Consumer Confidence Misses; EUR/USD Set For Best Year Since 2003

Dollar Falls As Consumer Confidence Misses; EUR/USD Set For Best Year Since 2003

© Reuters.  © Reuters. – The dollar fell against a basket of major currencies on Wednesday as mixed economic reports on consumer confidence and pending homes sales did little to lift sentiment on the greenback.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.26% to 92.60.

were mostly unchanged in November, rising by 0.2% month-on-month, according to the National Association of Realtors. That topped expectations for a 0.4% decline.

“The housing market is closing the year on a stronger note than earlier this summer, backed by solid job creation and an economy that has kicked into a higher gear,” Lawrence Yun, chief economist at NAR, said.

The fell to 122.1 in December from a revised reading of 128.6 in November, missing economists’ forecast for a reading of 128..

Analysts downplayed the softer consumer confidence report on Wednesday as RBC said that the “internals were constructive” for the near term, pointing to a bullish present situation metric – an important indicator for consumption trends.

Also weighing on the dollar was a move higher in the , to a three-week high above $1.19.

rose 0.18% to $1.3399, while fell 0.39% to C$1.2638 as the latter struggled to pare losses despite the oil-price sensitive Canadian dollar coming under pressure amid falling oil prices.

rose 0.05% to Y113.29.

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Published at Wed, 27 Dec 2017 17:35:00 +0000