U.S. dollar ticks down amid lower builder sentiment

Xinhua
19 Sep 2023, 01:48 GMT+10

NEW YORK, Sept. 18 (Xinhua) -- The U.S. dollar lost in late trading on Monday, as mortgage rates remained elevated above 7 percent and builder confidence decreased in September.

The dollar index, which measures the greenback against six major peers, was down 0.11 percent to 105.2014 in late trading.

According to the National Association of Home Builders/Wells Fargo Housing Market Index released on Monday, builder sentiment fell below the break-even measure of 50 to 45 for the first time in five months.

"The two-month decline in builder sentiment coincides with when mortgage rates jumped above 7 percent and significantly eroded buyer purchasing power," said NAHB Chairman Alicia Huey.

The attention now shifts towards the Federal Reserve's September monetary policy decision on Wednesday. According to the CME FedWatch Tool, the Fed is not expected to alter short-term rates from their current level at the next rate announcement. Expectations for another hike later this year are roughly split.

In late New York trading, the euro increased to 1.0679 U.S. dollars from 1.0660 dollars in the previous session, and the British pound decreased to 1.2376 U.S. dollars from 1.2384 dollars.

The U.S. dollar bought 147.7270 Japanese yen, lower than 147.8570 Japanese yen of the previous session. The U.S. dollar was up to 0.8978 Swiss francs from 0.8972 Swiss francs, and it fell to 1.3496 Canadian dollars from 1.3516 Canadian dollars. The U.S. dollar fell to 11.1694 Swedish krona from 11.1821 Swedish krona.

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