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Barchart
Rich Asplund

Dollar Gains on Positive U.S. Housing News and Yen Weakness

United States ECB BOJ Gold

The dollar index (DXY00) on Wednesday rose by +0.23%. The dollar posted moderate gains Wednesday as waning concerns of banking-sector contagion weakened the yen. The dollar also found support after Wednesday’s economic news showed U.S. Feb pending home sales rose unexpectedly. Gains in the dollar were limited as a rally in stocks curbed liquidity demand for the dollar. 

Wednesday’s U.S. economic data was bullish for the dollar after Feb pending home sales unexpectedly rose +0.8% m/m, stronger than expectations of a -3.0% m/m decline. 

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