Dollar Drops on Disappointing US Data

The US dollar and stocks fell following the release of the US housing sector data on Wednesday. The threats of Donald Trump also added to concerns of investors after his comment that he would shut down the government if congress did not approve funding for the wall along the US Mexican border.

The US dollar index which measures the greenback against a basket of six major currencies fell 0.28 percent at 93.16. The EUR gained against the dollar, after data from the euro zone manufacturing sector showed strong performance climbing 0.43 percent to 1.1811.

The yen gained, USD/JPY fell 0.42 percent to 109.11.

USD/CHF fell 0.19 percent to 0.9659.

AUD/USD fell 0.21 percent at 0.7896.

NZD/USD fell 0.88 percent to 0.7214.

USD/CAD was little unchanged at 1.2566.

The GBP/USD fell 0.20 percent to 1.2797 – The pound weakened to its lowest in seven weeks.

Oil

West Texas Intermediate crude gained 1 percent to $48.41 a barrel.

Metal

Gold advanced 0.3 percent to $1,294.70 an ounce.

News Wrap

The new home sales took an unexpected dip in July according to data released by the US Commerce Department. President Trump, after his first round of talks with Canada and Mexico warned that he might terminate the North American Free Trade agreement. Raising concerns by the markets on future global trade.

Investors will be focusing on the scheduled speech of Federal Reserve Chair Yellen regarding financial stability. Also ECB President Mario Draghi is expected to give a speech on Friday from Jackson Hole, where he is attending an annual central banking conference.

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