FRX: US Dollar Weakens on Decline in House Prices and Manufacturing
The US dollar weakened against the Euro and the yen today on reports showing a decline in the US house prices and manufacturing, reducing optimism about the nation’s economy. The S&P/Case-Shiller Home Price Index recorded a 1.6 percent decrease in November 2010 from the 2009 figure. Additionally, while the US manufacturing activity extended for the fourth consecutive month, the pace of growth had slowed down. Economists were expecting the Richmond Manufacturing Activity Index to fall from 25 to 23 in January 2011. The actual value was, however, as low as 18.
EUR/USD advanced from the opening price of 1.3637 to 1.3685 at about 23:59 GMT today. USD/JPY opened today’s session at 82.52, dropping to an intraday low of 81.97, reaching approximately 82.24 at the time of writing.
