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Dollar still low ahead of data launch
The dollar has continued to trade at a low price ahead of the impending launch of housing figures from the US.
America's currency traded close to its recent record low of $1.3681 per euro this morning, at $1.3650, also reaching 119.55 yen.
The dollar was also seen to drop to its lowest point against seven major currencies at 78.90 against such currencies as the euro, Canadian dollar, yen and pound.
Kazuo Mizuno, chief economist at Mitsubishi UFJ Securities, told Bloomberg: "The housing market is still casting dark clouds over the U.S. economy. This may force the Fed to cut rates at the end of the year, buffeting the dollar."
The housing data is expected to be released this morning in Washington and is likely to show a rise in signed purchase agreements of 0.1 per cent, compared to the increase of 0.7 per cent seen the previous month, forecasts have predicted.
Meanwhile, the Canadian dollar has soared above 90 US cents following stronger than expected economic results.
Greg Gibbs, a currency strategist at ABN Amro Holding NV, told Bloomberg that he predicts the US dollar could reach $1.3630 against the euro and 119.30 yen in the near future.
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