U.S. dollar declines on profit-taking

December 31, 2014 10:27 am 

NEW YORK, Dec. 31 — The U.S. dollar inched down against most major currencies on Tuesday as investors took profits from recent rally in the greenback before the end of the year.

The dollar index, which tracks the greenback against six major currencies, was down 0.22 percent at 89.990 in late trading.

Analysts said the weakness of dollar was mostly related to positioning ahead of year end given lack of new development from the macroeconomic perspective.

The euro headed toward its biggest annual drop in nine years against the greenback on news that Greek Prime Minister Antonis Samaras failed to get enough backing for his presidential candidate on Monday, paving the way for snap general elections within a month, which cast uncertainties over the country's political outlook as well as the integrity of the economic bloc.

On the U.S. economic front, home prices posted a slower growth in October, according to S&P/ Case-Shiller Home Price Indices released Tuesday. The 10-City Composite gained 4.4 percent year- over-year, down from 4.7 percent in September, while the 20-City Composite gained 4.5 percent year-over-year, compared to 4.8 percent in September.

The Conference Board Consumer Confidence Index registered 92.6 in December, up from the upwardly-revised 91.0 last month, narrowly missing market expectations of 93.0, said the New York- based research group Conference Board Tuesday in a report.

Trading volume remained light, as many investors are away during the holiday season.

In late New York trading, the euro was flat at US$ 1.2154, and the British pound rose to US$ 1.5557 from US$ 1.5520. The Australian dollar climbed to US$ 0.8180 from US$ 0.8129.

The U.S. dollar bought 119.55 Japanese yen, lower than 120.72 yen of the previous session. The U.S. dollar went down to 0.9895 Swiss francs from 0.9898 Swiss francs, and it moved down to 1.1603 Canadian dollars from 1.1634 Canadian dollars. (PNA/Xinhua)

LGI/JSD

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