US Dollar Regains Footing After Existing Home Sales Report

The US dollar was struggling during today’s trading session but found support in the form of housing data that was better than analysts’ expectations. As a result, the greenback managed to gain on the euro and the Japanese yen. The US currency also was able to trim its losses versus the Great Britain pound.
This week is light on economic data, and this means that even single report can affect the market considerably. So it happened today as the report on existing home sales showed an increase to the seasonally adjusted annual rate of 5.49 million in June from the downwardly revised 5.32 million in May.
The US dollar was trading sideways for the most part of today’s session but has climbed recently. The favorable housing data reinforced the optimistic outlook for the US currency. It is important to note that the greenback is still down on the week against the euro and some other major currencies.
EUR/USD was down from 1.0933 to 1.0901 as of 18:19 GMT today. GBP/USD retreated from the daily high of 1.5645 to trade at 1.5593 but was still far above the opening rate of 1.5552. USD/JPY advanced from 123.87 to 124.09 following the earlier low of 123.56.

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