Monday, September 20, 2010

Dollar Falls Toward 5-Week Low Versus Euro Before Housing Data

Dollar Falls Toward 5-Week Low Versus Euro Before Housing Data:
"Sept. 20 (Bloomberg) -- The dollar fell toward a five-week low against the euro before a report today that may show the U.S. housing market remains weak, adding to evidence the world's largest economy is slowing.

The U.S. currency declined versus 13 of its 16 major counterparts on speculation the Federal Reserve's Open Market Committee meeting tomorrow will say it's considering further measures to keep borrowing costs low. Australia's dollar climbed toward a two-year high against the greenback after central bank Governor Glenn Stevens said the biggest mining boom in a more than a century will stoke the economy.

'Apart from the focus on U.S. housing market data, the FOMC will see the market looking for signs that the Fed is inching closer to any further quantitative-easing measures, potentially putting the dollar at a disadvantage,' said Emmanuel Ng, a currency strategist at Oversea-Chinese Banking Corp. in"

read full article by clicking title link above.

NOTE: One report says housing more stable and improving and others say weaker... sigh

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