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Barchart
Barchart
Rich Asplund

Dollar Posts Modest Gains on Strong U.S. Housing News

United States Rehn ECB Governing Council

The dollar index (DXY00) on Tuesday rose by +0.05%.  The dollar on Tuesday recovered from early losses and posted modest gains. Tuesday’s better-than-expected U.S. housing news was bullish for the dollar.  Also, the weakness in stocks Tuesday boosted the liquidity demand for the dollar. 

U.S. May housing starts unexpectedly surged +21.7% m/m to a 13-month high of 1.631 million, stronger than expectations of a decline to 1.400 million.  May building permits, a proxy for future construction, rose +5.2% to a 7-month high of 1.491 million, stronger than expectations of 1.425 million.

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