Greenback Mixed Against Other Majors Amid Several Economic Reports, Tuesday, July 31, 2007 4:01:24 PM
The greenback was mixed against its major counterparts on Tuesday The greenback posted gains on the euro and was range-bound with the sterling. The buck fell versus the yen. Trading took place amid the release of several key economic reports in the U.S. Better than expected consumer confidence and an employment cost index that met expectations were countered by disappointing reports on personal income and spending, business activity in the Midwest, and construction spending.The U.S. dollar was up against the euro on Tuesday in New York. The greenback fell sharply in early trading and touched as low as 1.3718 at 8:30 a.m. ET. It gained from there for about two hours. It slipped again in the late morning, but bounced back in the early afternoon. It got as high as 1.3680 at 2:40 p.m. ET. It settled back to 1.3685 about an hour later. Traders mulled data showing that the Euro zone jobless rate was unchanged in June and consumer prices were up in July.
The greenback was little moved on Tuesday in New York against the sterling. The currencies traded in a range between the 2.0345 and 2.0285 through the morning. It got as low as 2.0377 in the early afternoon, but edged back to its overnight levels by 3:50 p.m. ET. Traders mulled the release of data showing that UK consumer confidence waned in July.
The dollar fell below support in afternoon trading against the yen and was down for the day Tuesday in New York. The greenback edged higher for several hours in the early morning, but saw some weakness in the later morning. It dropped sharply in the afternoon and moved to a daily low of 118.56 at 3:55 p.m. ET. Japan`s Ministry of Internal Affairs and Communication revealed that the seasonally adjusted unemployment rate eased 0.1 percentage point to 3.7% in June on a monthly basis.
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posted by Kalin Tasev @ 5:11 PM
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