US dollar rises following upbeat data

US Dollar

New York, Nov 28: The US dollar up against most other major currencies as the country’s new housing sales data proved to be much better than expected.

In late New York trading on Monday, the euro plunged to $1.1899 from $1.1924 in the previous session, and the British pound tumbled to $1.3317 from $1.3324 in the previous session, Xinhua reported.

In the meantime Australian dollar dipped to $0.7607 against $0.7615.

The US dollar bought 111.02 Japanese yen, lower than 111.56 yen of the previous session. The US dollar scaled up to 0.9813 Swiss franc from 0.9798 Swiss franc, and it climbed to 1.2763 Canadian dollars from 1.2704 Canadian dollars.

According to the Commerce Department, US sales of new single-family houses in October were at a seasonally adjusted annual rate of 685,000, well above market consensus of 620,000 and hitting the highest level in a decade, news agency IANS reported.

This is 6.2 per cent above the revised September rate of 645,000 and 18.7 per cent above the October 2016 estimate of 577,000.

Analysts said the incerease in October new home sales could lead the US economy higher as this figure is a leading indicator of the country’s economy.

The dollar index, which measures the greenback against six major peers, increased 0.16 per cent at 92.929 in last session of trading.

Wefornews Bureau  

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