Dollar Recovers Against Some Major Counterparts
(RTTNews) - The U.S. dollar turned in a fairly positive performance against its major counterparts on Tuesday, riding on some hawkish comments from Fed officials, and the latest data on consumer confidence and home prices.
Federal Reserve Governor Michelle Bowman said today that the tme is not right as yet to start lowering interest rates, and added that she would be open to raising rates if inflation doesn't pull back.
In U.S. economic news today, the Chicago Fed's measure of overall economic activity and related inflationary pressure in the United States rose in May for the first time in three months, survey results showed.
U.S. house prices rose less than expected in April, after stagnating in the previous month, latest data from the Federal Housing Financing Agency showed.
The seasonally adjusted house price index increased 0.2% from the previous month. Economists had forecast a 0.3% gain. March's 0.1% increase was revised down to 0.0%.
House prices rose 6.3% year-on-year in April, which was more than double the 3.1% gain registered in the same month last year.
Survey data from the Conference Board showed consumer confidence in the U.S. eased slightly in June as households' economic expectations eroded. The Conference Board Consumer Confidence Index fell to 100.4 from 101.3 in May. Economists had expected a reading of 100.
Traders await the Commerce Department's reading on personal consumption expenditures price index on Friday for clues about the outlook for interest rates, as the data is the Fed's preferred inflation gauge.
The dollar index, which advanced to 105.78, eased to 105.63 later on in the session, but still remain well above the flat line, gaining 0.15%.
Against the Euro, the dollar firmed to 1.0716, and against Pound Sterling, it was little changed at 1.2685 at close.
The dollar edged up slightly against the Japanese currency, fetching 159.69 yen a unit. Against the Aussie, the dollar firmed to 0.6647.