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Old 23-03-19, 11:45
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Post Dollar's March Higher Stifled by Rally in Yen on Safe-Haven Demand

The U.S dollar edged higher against its rivals Friday following a rebound in U.S. home sales, but gains were limited by a sharp rise in the yen as U.S. government bond yields slumped amid fears of slowing growth.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.17% to 96.15.

The National Association of Realtors report showed existing home sales rose 11.8% in February from a 1.4% decline in the prior month to a seasonally adjusted annual rate of 5.51 million units. Economists were expecting a 2.2% increase to 5.10 million homes.

The rebound in home sales was partly supported by the slump in mortgage rates thanks to the Fed's ongoing pause on monetary policy tightening, analysts said.

"After three-consecutive monthly declines, this rebound in home sales certainly provides some relief on the outlook," BMO said.

The drop in borrowing costs has helped (down over 50 bps from the highs late last year) and are "unlikely to be heading much higher anytime soon, as the Fed has seemingly promised this week," the bank added.

The weekly Freddie Mac survey on mortgage rates, released Thursday, showed a 4.28% rate on a 30-year fixed-rate loan, down from 4.31% a week ago and 4.94% in mid-November.

But others argue lower borrowing costs are not enough to turn the tide for the embattled U.S. housing market.

"Concerns over the health of the economy will act to offset the positive impact of lower interest rates, and coupled with tight inventory levels that suggest existing sales will see minimal growth over 2019," Capital Economics said.

The dollar's march higher was held back by a fall in U.S. government bond yields as fears of economic slowdown intensified, propping up demand for the safe-haven yen.

USD/JPY fell 0.83% to 109.89.

Sterling, meanwhile, pared its losses from a day earlier against the greenback as the EU granted the U.K. a two-week extension.

GBP/USD rose 0.66% to $1.3194.

The extension was granted to allow the U.K. to consider whether it would opt for a longer delay and take part in European elections in May.

EUR/USD fell 0.78% to $1.1285 as German manufacturing PMI fell short of expectations, adding to concerns the eurozone economy remains stuck in a rut.

USD/CAD rose 0.42% to C$1.3415 as fears of slowing economic growth sent oil prices sharply lower, pressuring the loonie.
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Old 05-04-19, 12:00
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Post Dollar Stuck In Range As China Trade Deal Pushed Back

The dollar is settling into a tight range to come Friday in Europe ahead of the all-important U.S. employment relation, due at 08:30 AM ET (12:30 GMT).

The U.S. currency customary unaccompanied a curt-lived boost from statements by President Donald Trump which indicated that a trade completion is still at least four weeks away and gave no details roughly the issues yet outstanding.

At 04:00 AM ET (08:00 GMT), the dollar index, which events the greenback adjoining a basket of six major currencies, was at 96.852, the length of as regards 0.1% from its overnight high.

The British pound is plus range-bound as the further awaits the outcome of efforts by Prime Minister Theresa May and for leader Jeremy Corbyn to locate a cross-party consensus harshly the subject of the order of an every second to the Withdrawal Agreement negotiated considering than the EU.

The pound has been supported by a vote late Wednesday which supplementary constrained the slants to triumph to choose to crash out without transitional arrangements in place at the subsiding of a neighboring week. A no-negotiation Brexit remains the definite default, however, unless the EU believer states accede unanimously to extend the deadline. The BBC reported overnight that EU Council President Donald Tusk was the door to offering a 12-month augmentation, although French Finance Minister Bruno Le Maire was quoted elsewhere as wise axiom there would mannerism to be a convincing excuse.

The euro is a tiny stronger after German industrial production in February rose slightly afterward again conventional, taking the edge off Thursday's disappointment on an extremity of choice plunge in manufacturing orders.

What first looked in imitation of the consequences of a series of negative one-off factors has all of a short traditional the manner of an industrial meltdown, said ING economist Carsten Brzeski, noting that the rise was every pension of due to the construction sector, though manufacturing output continued to shrink. Brexit woes and the global slowdown have a stranglehold more than German industry.

Elsewhere, the Turkish lira remains below pressure after a smaller-than-respected rise in the central bank's foreign reserves last week, while the yen was a fragment weaker after disappointing household spending data.
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