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|Subject: Dollar Extends Slide As Housing Remains Bleak Sat May 28, 2011 3:25 pm|| |
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Dollar Extends Slide As Housing Remains Bleak The Dollar
lost further ground against most majors on Friday, saddled with renewed
expectations that the Federal Reserve will keep interest rates
exceedingly low in 2011.
A series of disappointing economic releases confirms that the U.S.
economy is struggling to regain momentum following a relatively dismal
weak, consumer spending is being pinched by high gas prices, and
manufacturing appears to be tailing off, making it unlikely the Fed
would remove support measures before year's end.
Global leaders meeting in France are taking a more hopeful view of the
recovery. The Group of Eight said today that the world economy is
A fourth straight daily loss took the Dollar to $1.65 versus the sterling, well away from a recent 2-month high near $1.6050.
The Dollar slid to $1.43 versus the euro, having started the week at a 2-month peak of $1.3963.
The buck extended its losses from the previous session against the yen,
slipping to Y80.70 -- near the lower end of a stubborn trading range.
There was little movement versus Canada's loonie, leaving the greenback more than two cents below par.
In economic news from the U.S., consumer spending rose by 0.4 percent in
April following a 0.5 percent increase in March, according to the
With unusual weather and economic softness adding to ongoing problems in the Housing
market, the National Association of Realtors released a report on
Friday showing a much steeper than expected drop in pending home sales
NAR said its pending home sales index plunged by 11.6 percent in April
following a downwardly revised 3.5 percent increase in March. Economists
had expected pending sales to edge down by 1 percent.
Yesterday, it was revealed that U.S. GDP increased by 1.8 percent in the
first quarter, unchanged from the advance estimate provided a month
ago. Economists had been expecting the pace of GDP growth to be upwardly
revised to 2.1 percent.
Euro zone economic sentiment deteriorated in May, a survey from the European Commission showed Friday.
The economic sentiment indicator fell to 105.5 from 106.1 in April. It stayed slightly below the expected level of 105.7.
European Central Bank President Jean-Claude Trichet said today that a
euro zone rate hike is not imminent. The region is struggling the
contain the Greek sovereign debt crisis.
Elsewhere, a barometer of consumer confidence in the United Kingdom rose at its fastest pace in 17 years in May. However, it Remains below levels recorded a year ago.
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