The US dollar recovers on strong consumer confidence

NEW YORK, Dec. 20 (Xinhua) -- The U.S. dollar strengthened in late trade Wednesday as U.S. consumer confidence rose to a five-month high in December.

The dollar index, which measures the greenback against six major peers, rose 0.24 percent to 102.4171 in late trade.

U.S. mortgage rates fell below 7 percent last week, data from the Mortgage Bankers' Association indicated on Wednesday, taking 30-year home loan costs to 6.83 percent, the lowest levels since June amid the historic December rally in the bond market.

Sales of previously owned homes rose 0.8 percent in November from the previous month to an annual pace of 3.82 million units, snapping a five-month losing streak, according to new data released Wednesday by the National Association of Realtors. That marked the slowest pace of sales since August 2010.

Meanwhile, the Conference Board Consumer Confidence Index rose to 110.7 in December, up from a downwardly revised 101.0 in November. "The biggest issue affecting consumers remains rising prices in general, while politics, interest rates and global conflicts all saw declines as top concerns," said Dana Peterson, chief economist at the Conference Board.

However, the US dollar came under pressure from investors' rebalancing at the end of the month. "Our proprietary month-end rebalancing model indicates a strong month-end dollar selling signal against all majors," Barclays strategists said in a note on Wednesday.

In late New York trading, the euro was down to US$1.0945 from US$1.0976 in the previous session, but the German consumer sentiment index rose to -25.1 points heading into January from a revised -27.6 in the month before and beyond expectation.

British inflation fell from 4.6 percent to 3.9 percent last month, the lowest in more than two years, the Office for National Statistics said on Wednesday. The British pound was down to US$1.2641 from US$1.2723 in the previous session.

The US dollar bought 143.8380 Japanese yen, down from 143.8940 Japanese yen from the previous session. The US dollar rose to C$1.3347 from C$1.3335 as a bump in crude oil bids boosted the Canadian dollar while the Bank of Canada sees lower odds that inflation risks resurging.

The US dollar rose to 0.8630 Swiss francs from 0.8608 Swiss francs and it rose to 10.1736 Swedish kronor from 10.1683 Swedish kronor.


https://nord.news/2023/12/21/the-us-dollar-recovers-on-strong-consumer-confidence/?feed_id=60920

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