Dollar Advances As U.S. Existing Home Sales Hit 1-yr High

10:31, 21st October 2014

(RTTNews) - The U.S. dollar strengthened against most major rivals in New York deals on Tuesday, after data showed that existing home sales in the U.S. bounced back to a one year high in September.

Existing home sales in the U.S. increased by more than anticipated in the month of September, according to a report released by the National Association of Realtors.

NAR said existing home sales climbed 2.4 percent to a seasonally adjusted annual rate of 5.17 million in September after falling 1.8 percent to a rate of 5.05 million in August. Economists had expected existing home sales to rise to a rate of 5.10 million.

With the bigger than expected rebound, existing home sales rose to their highest annual rate since reaching 5.26 million in September of last year.

The greenback hit 5-day highs of 0.9488 against the franc and 1.2715 against the euro, off early multi-day lows of 0.9397 and 1.2839, respectively.

The greenback rose to 1.6135 against the pound, coming off from its previous session's multi-week low of 1.6183.

If the greenback continues its uptrend, it may find resistance around 0.96 against the franc, 1.26 against the euro and 1.60 against the pound.