Dollar Weakens After US Housing Market Data, Philly Fed Index

The Philadelphia Federal Reserve said its general business conditions index improved to 9.4 in January from previous month’s revised figure of 6.4. The consensus estimates called for an increase in the index to 8.7 in the month from 7.0 originally reported in December.

The National Association of Home Builders said its housing market index eased to 56.0 in January from previous month’s downwardly revised figure of 57.0. Economists expected the index to have edged down to 57.5 from 58.0 originally reported in December.

The US dollar edged lower against its major rivals after the data. As of 10:04 am ET, the greenback was trading at 104.22 against the yen, 0.9043 against the Swiss franc, 1.6370 against the pound and 1.3637 against the euro.

The material has been provided by InstaForex Company – www.instaforex.com

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