Tuesday, May 29, 2007

Dollar Rebounds Against Other Majors, Tuesday, May 29, 2007 4:00:25 PM

The U.S. dollar rebounded against its major counterparts late on Tuesday morning in New York and was generally up for the day. The greenback was up on the yen and sterling amid uncertain trading. It bounced back against the euro after hitting a near-term low earlier in the day and was close to even in the afternoon. The trading came amid the release of consumer confidence data in the U.S. that showed the index rose to 108.0 in May, up from a revised 106.3 in April.

The dollar rebounded back close to its overnight levels against the euro on Tuesday in New York. The dollar dropped amid the release of data showing that the Euro Zone current account surplus beat expectations in March. Around 8:30 am Eastern Time, the dollar slipped to 1.3518 against the euro, its lowest level in 9 days. It rebounded off of that and made a move a little after 10 a.m. after the release of consumer confidence data in the U.S. It got back to 1.3441 at around 2 p.m. ET before leveling off.

The greenback was up on the pound on Tuesday in New York, posting strong gains in the late morning. Early on in the day, the dollar slipped ahead of the release of data showing that UK loan approvals for house purchases fell in April at 4:30 am Eastern Time. By 5 am Eastern Time, the dollar touched 1.9897, its lowest level in nearly three weeks. The dollar began rising shortly after that, however, and by 2 p.m. ET it stabilized near a daily high of 1.9791. This is its best level in six days.

The dollar was up on the yen on Tuesday in New York, advancing for several hours in the later morning. The buck hit a multi-day low of 121.18 against the yen around 4:30 am Eastern Time before beginning to rise. The greenback drifted up for several hours after that and touched 121.78 by 11:45 a.m. ET. This rally has erased nearly all of the losses the dollar saw in an overnight decline. This came amid the release of data that Japan`s jobless rate in April fell to a nine-year low of 3.8%, while household spending rose 1.1%. The dollar fell sharply shortly after that, but trended back up to recoup most of those losses in the afternoon.
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