Dollar Rises On Other Majors, Wednesday, May 16, 2007 3:59:11 PM
The U.S. dollar advanced on Wednesday against its major counterparts, posting significant gains in late morning trading. Trading took place amid the release of housing data in the U.S. The greenback hit a multi-week high against the yen and also advanced on the euro and sterling.The U.S. dollar gained sharply in the late morning in New York and was up for the day on the euro Wednesday in New York after slipping to a weekly low earlier in the day. The dollar got as low as 1.3609 at 3 a.m. but advanced at around 7:30 a.m. ET. Trading was flat for a bit until the dollar spiked up again at around 11 a.m. ET. It reached as high as 1.3504 at noon ET before settling.
The greenback advanced on the sterling on Wednesday morning in New York and tested the six-week high it reached the day before. The dollar was flat with the sterling until about 2 a.m. when it fell slightly to a daily low. However, it advanced at around 4 a.m. Trading was sideways for the next couple hours, but then the dollar soared in the late morning. Eventually, it touched as high as 1.9756 at 1:15 p.m. ET. It remained closed to that level in the mid-afternoon.
The dollar climbed against the Japanese yen and reached a 10-week high. Trading was level into the early morning before the dollar began to rise at a little after 2 p.m. ET. It reached as high as 120.81 at noon ET. Trading was flat in the afternoon.
The Department of Commerce released its report on housing starts and building permits in the month of April, showing that housing starts unexpectedly increased compared to the previous month. The report showed that housing starts rose 2.5% to a seasonally adjusted annual rate of 1.528 million in April from a revised rate of 1.491 million in March. Economists had expected starts to fall to a 1.480 million unit rate. However, the report also showed that building permits fell 8.9%.
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posted by Kalin Tasev @ 1:22 PM
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