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Dollar rises as markets anticipate annual slowdown

Dollar rises as markets anticipate annual slowdown

The dollar climbed Wednesday as investors weighed strong data for housing sales and factory orders and anticipated an annual summer slowdown of trading volumes and news flow.
Meanwhile, German business confidence improved for a fifth consecutive month in August as Europe's largest economy showed signs of recovery from its deep downturn, a closely watched survey said.
The 16-nation euro fell to $1.4240 in late trading Wednesday from $1.4309, while the British pound bought $1.6239, compared with $1.6350 late Tuesday. The dollar was unchanged at 94.20 Japanese yen.
Stocks seesawed without a clear direction Wednesday despite a Commerce Department report that said new home sales rose 9.6 percent in July for the fourth straight monthly increase. Sales rose to 433,000, the strongest pace since September and well above the 390,000 figure economists expected.
Separately, the Commerce Department said orders for goods expected to last at least three years rose 4.9 percent in July _ the biggest jump in two years and more than the 3 percent increase economists had expected.
While economic data is improving, investors are now questioning whether the market can go much higher without clear evidence of economic growth. Analysts say there are few near-term catalysts that could spur the market higher.
In Germany, the Ifo Business Climate Survey, conducted by the Institute for Economic Research at the University of Munich, said its reading of German business sentiment rose to 90.5 points in August from 87.4 points in July. Participants' expectations for the economy also improved in August, to 95 points from 90.4 points in July.
In other late trading, the dollar rose to 1.0984 Canadian dollars from 1.0850 late Tuesday, and edged up to 1.0687 Swiss francs from 1.0611 francs.


Updated : 2021-04-22 05:47 GMT+08:00