Dollar Gains Against Major Counterparts
(RTTNews) - The U.S. dollar firmed against most of its major counterparts on Wednesday after data showing UK inflation fell to a 15-month low weighed on Pound Sterling, and dovish comments from Bank of Japan Governor hurt Yen.
Traders shrugged off data showing a sharp pullback in housing starts in the month of June. The Commerce Department report said housing starts plunged by 8% to an annual rate of 1.434 million in June after spiking by 15.7% to a revised rate of 1.559 million in May.
Economists had expected housing starts to plummet by 9.3% to a rate of 1.480 million from the 1.631 million originally reported for the previous month.
The report said building permits also tumbled by 3.7% to an annual rate of 1.440 million in June after surging by 5.6% to a revised rate of 1.496 million in May. Building permits were expected to edge down by 0.1% to a rate of 1.490 million from the 1.491 million originally reported for the previous month.
The dollar index, which climbed to 100.54, pared some gains subsequently and was last seen at 100.30, gaining about 0.36%.
Against the Euro, the dollar strengthened to 1.1203 from 1.1230. Against Pound Sterling, the dollar is up at 1.2939.
The dollar is up against the Japanese currency, fetching 139.60 yen a unit. Against the Aussie, the dollar is gaining at 0.6771, having firmed from 0.6812. The dollar is up marginally against Swiff franc at CHF 0.8585, and the loonie at C$1.3165.
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