empty
 
 

2010.09.2810:29:00UTC+00Dollar Plummets To Fresh 5-month Low Against Euro

The US dollar that drifted slightly higher against most of its major rivals around 9:00 am ET Tuesday reversed its direction shortly after the report showed that home prices in July increased at a slower annual rate compared to June.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index increased at an annual rate of 3.2 percent in July compared to a 4.2 percent increase in June. Economists had expected the index to increase at an annual rate of about 3.3 percent.

The greenback slumped to more than a 5-month low of 1.3511 against the euro around 9:05 am ET and the next likely support level is seen at 1.3640. The euro-buck pair is presently quoted at 1.3497.

The greenback also declined to 0.9831 against the Swiss franc and 84.08 versus the yen at this time from its recent highs of 0.9880 and 84.06, respectively hit in early trading.

On the flip side, the dollar rose to a 4-day high of 1.5779 against the pound by 9:00 am ET after the Bank of England's MPC member Posen said that the economy needs further monetary action to sustain recovery.

Copyright(c) 2010 News.com, Inc. All Rights Reserved

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback