US dollar declines on new data

Story link: US dollar declines on new data

The US dollar declined versus the euro on Tuesday on separate reports showing that home prices and consumer confidence are down and that producer prices grew by 1 percent in January.

The Conference Board’s index of consumer confidence was at 75 in February, down from 87.3 in January, while home prices in 20 metropolitan areas in the United States dropped 9.1 percent in December compared to the same time a year earlier.

At around noon in New York, the dollar was trading at $1.4892 to the euro, while it was at $1.9762 to the pound and it cost ¥107.6800 to buy a dollar.

The euro also gained on the yen as German business confidence grew, with the Ifo business climate index coming in at 104.1 in February, up from 103.4 in January.

With less of a chance that the European Central Bank will cut interest rates when it meets next, the euro was worth ¥160.3517.

The South African rand was up again versus all major currencies as economic growth there was reported to have accelerated in the fourth quarter against predictions that it would slow.

The rand traded at R7.5545 to the US dollar at midday in New York, while it was at R11.249 to the euro, at R14.899 to the pound and bought ¥14.295.