USD gains on euro, then gives some back

Story link: USD gains on euro, then gives some back

The US dollar was stronger versus the euro on Tuesday, but the greenback gave back some of its gains after new data showed that sales of existing homes were down in the United States in July.

Pending sales of existing homes dropped 3.2 percent in July after a rise of 5.8 percent in June, according to an announcement from the National Association of Realtors.

In late morning trade in New York, the US dollar traded at $1.4174 to the euro, but the dollar was weaker versus the yen as it took ¥107.28 to buy a dollar.

The yen gained and the Australia and New Zealand dollars declined as investors sold higher-yielding currencies on growing concerns that the US government takeover of mortgage lenders Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will not be enough to end credit-market losses and reverse global economic slowdowns.

It took 80.83 cents US to buy an Australian dollar at late morning in New York and the Aussie was worth ¥86.7198 while at the same time the New Zealand dollar was worth 67.28 cents US and ¥72.237.