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Reply #29: Dollar Matches Record Low as New Home Sales Trail Forecast [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-25-07 09:42 AM
Response to Reply #5
29. Dollar Matches Record Low as New Home Sales Trail Forecast
Edited on Wed Apr-25-07 09:49 AM by Ghost Dog

April 25 (Bloomberg) -- The dollar fell against the euro, matching a record low, after a government report showed sales of new homes rose less than economists forecast.

The U.S. currency weakened on speculation signs of weakness in the housing market will encourage the Federal Reserve to cut borrowing costs in the third quarter. The dollar dropped yesterday after reports showed declines in existing home sales and consumer confidence. The U.S. currency has lost 3.3 percent against the euro this year.

``The headline number plays into dollar bears,'' said Mike Moran, senior currency strategist in New York at Standard Chartered Bank, who said some traders have stop levels at $1.3665 to $1.3670. ``The market is a bit disappointed that the new home sales underperformed expectations despite the warm weather.''

The dollar fell 0.14 percent to $1.3659 per euro at 10:26 a.m. in New York. It touched the all-time low of $1.3666, previously set Dec. 30, 2004. The European currency debuted in January 1999. The dollar fell 0.06 percent to 118.52 yen.


edit: Watch on Swiss Franc (CHF), Pound Sterling (GBP)

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