The U.S. dollar exhibited weakness against the majority of major currencies on Monday, extending losses from previous session, amidst speculation the Federal Reserve will sound dovish this week after concluding its financial policy conference on Wednesday.
The dollar index dropped to a low of 96.38, and after recovering to 96.63, faltered once again and was hovering around 96.50, near its previous close.
The Federal Reserve is extensively expected to hold interest rates unchanged and the reserve bank’s forecasts on future rates and financial growth are anticipated to supply directional clues for markets.
On the Brexit front, the Speaker of your house of Commons John Bercow today obstructed the government’s motion to have another vote of the legislators on the deal. The speaker said the federal government could not bring the very same specific motion twice, crushing Guide Minister Theresa Might’s hope of bringing the very same offer back for a vote.
Following the Speaker’s decision, the British Pound Sterling toppled versus significant currencies. The greenback reinforced to 1.3252, getting 0.3%.
Greater trade surplus in the eurozone propped up the Euro against the U.S. dollar to 1.1344, yielding it a gain of nearly 0.15%.
The Japanese yen was up by 0.06% versus the greenback, trading at 111.41 yen a dollar.
The dollar was down 0.14% versus the Swiss franc with the USD/CHF trading at 1.0007, and was down 0.27% against the Aussie, while it got partially versus the Canadian loonie.
In U.S. economic news today, a report launched by the National Association of House Builders stated Homebuilder confidence in the U.S. has actually held stable in the month of March.
The report said the NAHB/Wells Fargo Housing Market Index can be found in at 62 in March, unchanged from February. Financial experts had expected the index to inch as much as 63.
“Builders report the marketplace is stabilizing following the downturn at the end of 2018 and they anticipate a solid spring home purchasing season,” said NAHB Chairman Greg Ugalde.
“In a healthy indication for the housing market, more builders are stating that lower price points are offering well, and this was shown in the government’s brand-new house sales report released last week,” said NAHB Chief Economic expert Robert Dietz.
He added, “Increased inventory of affordably priced houses – in markets where government policies support such building – will make it possible for more entry-level purchasers to go into the market.”
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