Forex – Dollar Rides Upbeat U.S. Economic Data Higher

© Reuters. – The dollar edged higher against its rivals Tuesday after data showing a rebound in U.S. housing and services activity allayed investor fears about a slowdown in the economy.

The , which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.16% to 96.76.

data for February showed an uptick to 59.7, beating expectations for reading of 57.3. The services sector is critical component of the U.S. economy, accounting for roughly 80% of U.S. private-sector gross domestic product (GDP).

On the housing front, meanwhile, the Commerce Department said new-home sales to a seasonally adjusted annual rate of . That was above economists’ forecasts for a decline of 8.7% to 600,00 units.

The dollar’s advanced was pegged back, however, as Federal Reserve members continued to chime in with dovish remarks, expressing support for a continued wait-and-see approach by the U.S. central bank on interest-rate changes.

Boston Federal Reserve President Eric Rosengren, an FOMC voter and widely viewed as a monetary policy hawk, said it likely will be several meetings before the Fed has a clear view of risks, even as some of the concerns from late last year have faded.

Minneapolis Federal Reserve President Neel Kashkari, meanwhile, said there is a little sign a recession was on the horizon. He did warn, however, that uncertainty surrounding China trade could have big impact on the U.S. economy.

fell just 0.09% to $1.3175, after dipping below $1.31 intraday after Bank of England Governor Mark Carney offered a downbeat assessment of the U.K. economy.

fell 0.24% to $1.1310, shrugging off better-than-expected euro-area services, manufacturing and retail sales data.

rose 0.25% to $1.3333 as the loonie came under pressure on reports China had blocked major Canadian agribusiness Richardson International’s registration to ship canola to China.

rose 0.12%, but concerns about slowing growth boosted the safe-haven yen after China predicted growth in 2019 in a range of 6% to 6.5%, below 6.6% seen last year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.