U.S. dollar rises on upbeat data

Date : 2016-05-26  | From : Xinhua

The U.S. dollar climbed against most majorcurrencies on Thursday as economic data from the country came out positive.

Despite ongoing inventory shortages andfaster price growth, existing-home sales sustained their recent momentum andmoved higher for the second consecutive month, reported the NationalAssociation of Realtors Friday.

U.S. total existing-home sales rose 1.7percent to a seasonally adjusted annual rate of 5.45 million in April from anupwardly revised 5.36 million in March.

The upbeat data further bolstered marketexpectation for an interest-rate hike as early as June.

According to the minutes of the Fed's Aprilmeeting released Wednesday, officials are open to an interest rate hike asearly as June, if the economy continues to improve.

"Most participants judged that ifincoming data were consistent with economic growth picking up in the secondquarter, labor market conditions continuing to strengthen, and inflation makingprogress toward the Committee's 2 percent objective, then it likely would beappropriate for the (Federal Open Market) Committee to increase the targetrange for the federal funds rate in June," said the minutes.

In late New York trading, the euro rose to1.1219 dollars from 1.1200 dollars of the previous session, and the Britishpound decreased to 1.4506 dollars from 1.4619 dollars. The Australian dollarwent up to 0.7225 dollars from 0.7224 dollars.

The dollar bought 110.23 Japanese yen,higher than 109.92 yen of the previous session. The dollar climbed to 0.9908Swiss francs from 0.9902 Swiss francs, and it inched up to 1.3129 Canadiandollars from 1.3087 Canadian dollars. Enditem