Dollar Struggles As Market Awaits New Housing Data
- May 19, 2008
New York–The dollar traded against the euro at close to the lowest point in more than two weeks Monday morning due to concern that a report due this week will suggest the housing decline is seriously hurting the U.S. economy, according to Bloomberg. The dollar declined the most against the Canadian dollar and Mexican peso. The National Association of Realtors report, due May 23, is expected to show that sales of pre-existing U.S. homes dropped for the second consecutive month in April, Bloomberg said. Last week, the dollar declined by the biggest amount against the euro since March amid news that U.S. consumer confidence had fallen to a 28-year low.