Dollar Strengthens on Latest U.S. Data
The dollar edged slightly higher Tuesday, supported by strong U.S. data.
The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.2% at 86.57.
Consumers are more confident than they have been since the early 2000s, data from the Conference Board showed Tuesday. Its index of U.S. consumer confidence increased to 129.5 in November from 126.2 in October, which was already the highest level in 17 years.
Separately, the S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in the 12 months ended in September, up from a 5.9% annual increase in August.
Investors have been keeping a close eye on U.S. data, as they try to determine how aggressively the Federal Reserve will be able to raise rates next year. Higher rates make the dollar more attractive to yield-seeking investors.
"The dollar stands to benefit from any improvement in the data that confirms the view that the economy is accelerating into the year-end," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange, in a note to investors.
The U.S. currency, as measured by the WSJ Dollar Index, is down around 7% this year.
Write to Ira Iosebashvili at ira.iosebashvili@wsj.com
The dollar edged slightly higher Tuesday, supported by strong U.S. data.
The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.3% at 86.66.
Consumers are more confident than they have been since the early 2000s, data from the Conference Board showed Tuesday. Its index of U.S. consumer confidence increased to 129.5 in November from 126.2 in October, which was already the highest level in 17 years.
Separately, the S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in the 12 months ended in September, up from a 5.9% annual increase in August.
Investors have been keeping a close eye on U.S. data, as they try to determine how aggressively the Federal Reserve will be able to raise rates next year. Higher rates make the dollar more attractive to yield-seeking investors.
"The dollar stands to benefit from any improvement in the data that confirms the view that the economy is accelerating into the year-end," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange, in a note to investors.
The U.S. currency, as measured by the WSJ Dollar Index, is down around 7% this year.
Write to Ira Iosebashvili at ira.iosebashvili@wsj.com
(END) Dow Jones Newswires
November 28, 2017 18:06 ET (23:06 GMT)