Forex – Dollar index pushes lower, hits 1-week lows

Forex
© Reuters.  Dollar extends losses vs. rivals after weak U.S. data© Reuters. Dollar extends losses vs. rivals after weak U.S. data

Investing.com – The dollar index pushed lower and hit a one-week trough against other major currencies on Wednesday, after the release of downbeat U.S. housing sector data dampened optimism over the strength of the economy.

gained 0.52% to 1.1243, off session lows of 1.1165.

The National Association of Realtors said decreased by 1.3% last month, compared to expectations for a gain of 0.5%.

The greenback has been under pressure in recent weeks amid fears investigations into President Donald Trump’s ties with Russia could hamper his administration’s progress on promised stimulus measures.

Market participants were already eyeing Friday’s nonfarm payrolls report for further indications on the strength of the U.S. job market, which could give additional clues on whether or not the Federal Reserve will hike rates at its June policy meeting.

In the euro zone, Eurostat earlier reported that rose by 1.4% in May, below expectations for an increase of 1.5% and following a final reading of a 1.9% advance in the prior month.

was up 0.40% at 1.2910 after that British Prime Minister Theresa May’s Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats

The news came after a string of opinion polls showed a narrowing lead for May’s Conservatives.

Data showed that fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

slipped 0.22% to 110.59, while slid 0.74% to trade at 0.9676.

The Australian dollar was weaker, with down 0.28% at 0.7445, while was little changed at 0.7099.

Data earlier showed that remained unchanged at 51.2 in May, confounding expectations for a downtick to 51.0.

China is Australia’s biggest export partner.

Meanwhile, advanced 0.34% to 1.3503.

Statistics Canada reported on Wednesday that rose 0.5% in March, beating expectations for a growth rate of 0.2% and after a flat reading the previous month.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.39% at 96.84, the lowest since May 23.

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