WSJ: Dollar Higher Against Euro After Housing Data
NEW YORK (Dow Jones)--The dollar rose against the euro Wednesday after a U.S. report showed some signs of stabilization in the struggling housing market.
The euro also lost ground as the common currency continues to be pressured by worries over the euro-zone sovereign debt crisis. The euro fell against the yen and earlier hit a fresh record low of CHF1.2493 against the Swiss franc.
Demand for existing homes in the U.S. increased by 5.6% to a seasonally adjusted annual rate of 4.68 million, the National Association of Realtors said Wednesday. While the gain trailed economists' forecasts, the price for an existing home edged up for the first time since August, to $170,600 in November. That's up 0.4% from the year-ago median price.
Wednesday morning, the euro fell to $1.3084 against the dollar from $1.3096 late Tuesday, according to EBS via CQG. The dollar was at Y83.50 from Y83.75, while the euro was at Y109.22 from Y109.70.
The ICE Dollar Index, which tracks the U.S. dollar against a trade-weighted basket of currencies, was at 80.731 from 80.718.
