Metals News
Dollar Mixed on Weak Consumer Confidence, Fed Speculation
data analysis
10:41AM
Sep 29,2010
Source:SMM

NEW YORK, Sept. 28 (Xinhua) -- The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as the euro rebounded and the market was still concerned about the Federal Reserve's easing policy.

The U.S. consumer confidence remained weak as the Conference Board, an industry group, said on Tuesday that its index of consumer attitudes fell to 48.5 in September from a revised 53.2 in August.

Meanwhile, a report showed that U.S. house prices slipped in July. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.1 percent in July from June on a seasonally adjusted basis.

Traders in the market worried the sign of fragile economy would promote the Fed to pull out quantitative easing policy in the near future, which would put pressure on the dollar.

According to a report by The Wall Street Journal, the Fed was planning to buy a small amount of bonds for a period. The investors believed that it seemed more like a test by the Fed to see how the market reacts and then decide what actions it should take afterwards.

The euro rose against the dollar to as high as near 1.36 in early trading session on Tuesday, as the European Central Bank considered withdrawing emergency support.

In late Tuesday trading, the dollar bought 83.93 Japanese yen compared with 84.24 late Monday, and the euro rose to 1.3567 dollars from 1.3475.

The British pound fell to 1.5793 dollars from 1.5855. The dollar fell from 0.9845 to 0.9767 against the Swiss franc, but rose to 1.0311 Canadian dollars from 1.0259.
 

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