Dollar Rises Against Euro in Technical Rebound
The dollar jumped broadly Wednesday in a technical rebound from record lows against the euro, shrugging off fresh signs of deterioration in the U.S. housing sector.
A government report showed U.S. existing homes sales in June were the lowest since November 2002, even though the median price rose for the first time in 11 months.
The euro fell to a session low of $1.3710 from $1.3730, where it was before the home sales data. The single European currency was down on the day against the dollar and way off record highs above $1.3850 hit on Tuesday.
The dollar was up against the Swiss franc.
Against the yen, the dollar's gains were more modest.
"The predominant trend in euro-dollar today is profit-taking, and this piece of (housing) data isn't likely to change that," said Boris Schlossberg, senior currency strategist with DailyFX.com in New York.
"Housing is clearly in a free-fall, but it hasn't translated into a recession for the overall U.S. economy."