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Dollar Exhibits Weakness Against Major Rivals

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Dollar Exhibits Weakness Against Major Rivals

The U.S. dollar retreated after early strength on Monday as treasury yields fell from a 14-month high touched last week.

Turkish Lira’s plunge, data on existing home sales, and U.S. Treasury yields impacted dollar movements.

Existing home sales in the U.S. tumbled by much more than expected in the month of February, according to a report released by the National Association of Realtors on Monday.

NAR said existing home sales plunged by 6.6 percent to an annual rate of 6.22 million in February after inching up by 0.2 percent to a downwardly revised rate of 6.66 million in January.

Economists had expected existing home sales to slump by 3.0 percent to a rate of 6.49 million from the 6.69 million originally reported for the previous month.

The dollar index, which slid to 91.71, was last seen at 91.78, down 0.15% from previous close.

Against the Euro, the dollar weakened to $1.1937, losing 0.25% from Friday’s close.

The Pound Sterling was little changed against the dollar, fetching $1.3867, compared to $1.3864 on Friday. At one stage, the Sterling had weakened to $1.3817.

The Yen was up slightly at 108.84 a dollar.

The dollar was marginally weaker against the Aussie, with the AUD-USD pair at 0.7747.

The Swiss franc, at 0.9234 a dollar, was stronger by nearly 0.6%, while the Loonie, at 1.2519 a dollar, was down 0.15%.

The Turkish Lira plunged against the U.S. dollar on Monday, as President Tayyip Erdogan ousted Turkey’s central bank chief Naci Agbal for hiking interest rate to contain double-digit inflation.

The move came two days after the Central Bank of the Republic of Turkey hiked its benchmark policy rate by 200 basis points to 19 percent to tame its high inflation rate.

The material has been provided by InstaForex Company – www.instaforex.com