- POSTED: 26 Sep 2013 06:33
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Soft data on US new home sales and durable goods orders backed a fall in the dollar against the euro and other major currencies on Wednesday.
NEW YORK: Soft data on US new home sales and durable goods orders backed a fall in the dollar against the euro and other major currencies on Wednesday.
At 2200 GMT, the euro was at $1.3522, compared to $1.3469 late Tuesday.
The dollar slipped to 98.46 yen from 98.74, while the euro was slightly higher at 133.18 yen, from 133.00.
The dollar fell in parallel with US Treasury bond yields, as markets appeared to back away from expectations that the Federal Reserve will begin reducing its $85 billion a month stimulus program in the coming few months.
"The almost daily decline in US yields tell us that investors still believe the chance of no tapering this year outweighs the chance of tapering," said Kathy Lien of BK Asset Management.
The data suggested an economy still struggling to gain traction.
US new home sales bounced back in August after July's slump, but the pace, 421,000 units a year, remained slower than the first quarter of the year.
US durable goods orders rose just 0.1 percent in August, not rebounding from July's sharp fall.
"Each piece of good news that we have seen from the US masked underlying weakness and until this changes, there will be reluctance inside the Fed to change the level of asset purchases," said Lien.
The British pound rose to $1.6076 from $1.6001, while the dollar slipped to 0.9096 Swiss franc from 0.9128 franc.