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ATAHK reads from Xinhua News that The U.S. dollar advanced against most major currencies Wednesday as data showed U.S. new home sales rose sharply in August.For details, please refer to the following news from Xinhua News on September 24th:
U.S. Department of Commerce reported Wednesday that sales of new single family houses in August were 504,000 at a seasonally adjusted annual rate, up 18.0 percent from July's revised rate, showing the ongoing growth momentum of U.S. housing market.
Meanwhile, weak economic data out of the eurozone put pressure on the euro. Germany's Ifo business climate index, based on a monthly survey of some 7,000 companies, fell to 104.70 in September from 106.30 of the previous month, the lowest since April 2013, the Munich-based Ifo Institute for Economic Research said Wednesday.
Moreover, financial data firm Markit reported Tuesday that the composite purchasing managers' index (PMI) in eurozone fell to a nine-month low of 52.3 in September, signaling further waning of the bloc's economic growth.
Mario Draghi, president of the European Central Bank (ECB), said in an interview Wednesday that interest rates in the eurozone will remain at the present low level for an extended period to support the economy.
Earlier this month, the ECB decided to cut interest rates by 10 basis points and start buying non-financial private sector assets. The ECB policymakers pledged to launch more stimulus measures if required.
In late New York trading, the euro slipped to 1.2781 dollars from 1.2857 dollars in the previous session, and the British pound fell to 1.6341 dollars from 1.6404 dollars. The Australian dollar increased to 0.8875 dollar from 0.8843 dollar.
The dollar bought 108.99 Japanese yen, higher than 108.93 yen of the previous session. The dollar went up to 0.9452 Swiss francs from 0.9392 Swiss francs, and it moved down to 1.1068 Canadian dollars from 1.1074 Canadian dollars.
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