Dollar remains lower vs. yen after durables data
Investing.com
Published Aug 26, 2013 10:52AM ET
During U.S. morning trade, the dollar was weaker against the yen, with USD/JPY down 0.18% to 98.55, after briefly touching lows of 98.28.
The dollar touched session lows against the yen after the Commerce Department said U.S. durable goods orders dropped 7.3% in July, worse than expectations for a 4% decline. It was the largest decline since August 2012.
Core durable goods orders, excluding volatile transportation items, fell 0.6% last month, defying expectations for a 0.5% increase.
The data came after a report on Friday showed that U.S. new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years.
The weak data added to uncertainty over whether the Federal Reserve will start to taper its USD85 billion-a-month asset purchase program next month.
The dollar was little changed against the euro, with EUR/USD edging up 0.02% to 1.3380.
Demand for the single currency continued to be underpinned after a senior European Central Bank policymaker said Friday he did not see many arguments for a rate cut following a recent series of improved economic data from the region.
The dollar was steady against the pound, with GBP/USD inching up 0.04% to 1.5574, after rising as high as 1.5612 following the durables report.
The dollar was higher against the Swiss franc, with USD/CHF up 0.16% to 0.9232.
Elsewhere, the greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD rising 0.20% to 0.9043, NZD/USD advancing 0.74% to 0.7865 and USD/CAD up 0.19% to 1.0517.
In New Zealand, data on Monday showed that the trade balance swung into a larger than expected deficit of NZD774 million in July, from a surplus of NZD374 million the previous month.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.05% to 81.44.
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Written By: Investing.com
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