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Dollar Mostly Weaker Ahead Of Housing Data

03/23/2012  08:41

The dollar was generally weaker Friday morning in New York, giving back gains from the previous session versus the resilient euro.

Global economic cues were mixed this week, resulting in choppy dealing in the dollar. Traders are now waiting on the latest news on the U.S. housing market.

The Commerce Department is due to release its new home sales report for February at 10 am ET. The consensus estimate calls for new homes sales of 325,000 after new home sales declined unexpectedly to a 321,000 unit-rate in the previous month.

The dollar eased to $1.3280 versus the euro before finding its footing near $1.3230.

Greece should implement reforms to come out of the current downward spiral, European Central Bank President Mario Draghi said in an interview with the German newspaper Bild-Zeitung, published Friday.

The dollar dropped to a 3-week lof of CHF 0.9080 versus the Swiss franc.

The Swiss National Bank said Thursday that it expects a moderate economic growth of close to 1 percent for 2012 after 1.9 percent expansion last year.

In its Quarterly Bulletin released Friday, the central bank said the Swiss economy will post positive growth again in the first quarter.

The dollar slipped to Y82.50 versus the yen, having touched an 11-month peak above Y84 last week.

(Market News Provided by RTTNews)

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