The greenback continues to trade under pressure against the euro and sterling on Tuesday. The British pound hovers near the 26-year high at 2.0194 touched in the European session, while the euro stays around 1.36 versus the dollar.
The market is pretty bearish on the dollar and is currently concerns more about the global interest rate differentials than economic data. The dollar was little changed after a run of mixed US data this morning. US pending home sales unexpectedly declined 3.5% in May, raising worries about the housing market in the US. Factory orders dropped 0.5% in May, better than an estimate of –1.2%. Durable goods orders fell 2.4%, slightly better than the forecast of –2.8%.
US financial markets will be closed for Independence Day on Wednesday and therefore the currency market is likely to be slow due to relatively low trading volume.
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