(RTTNews) - The U.S. dollar exhibited mixed performance against other major currencies in early North American deals on Monday. The dollar rose to a 5-day high against the pound, but pared recent gains against the euro. Meanwhile, the dollar fell against the yen and extended previous session's choppy trading against the franc.
Homebuilder confidence has deteriorated by more than anticipated in the month of July, according to a report released by the National Association of Home Builders today, with the decrease reflecting concerns about the housing market following the expiration of the homebuyer tax credit.
The report showed that the NAHB/Wells Fargo Housing Market Index fell to 14.0 in July from a downwardly revised 16.0 in June. Economists had expected the index to edge down to 16.0 from the 17.0 originally reported for the previous month.
As of now, the dollar is trading at a 5-day high of 1.5241 against the pound, compared to Friday's close of 1.5303. If the greenback gains further, it may target around the 1.495 level.
The dollar-franc pair has been extending its previous session's choppy trading during early North American deals on Monday. Presently, the pair is worth 1.0530 and this level may be compared to last week's closing quote of 1.0513.
The dollar pared its recent gains against the euro. At present, the dollar is trading at 1.2979 against the euro, from 1.2933 hit at 8:45 am ET. The next downside target level for the dollar is seen around 1.301 level. The euro-dollar pair closed Friday's trading at 1.2926.
A downgrade of Ireland's sovereign bond ratings by Moody's today also added to investor worries. Moody's cut the rating by one notch to Aa2 From Aa1 and said it expects Irish economic growth to be below its historical trend over the next three to five years.
The euro-zone current account balance data for May, which was released at 4:00 am ET likely influenced the euro.
The dollar dropped against the yen during Monday's early North American session. The dollar-yen pair is now trading at 86.83, compared to Friday's closing quote of 86.70. On the downside, the dollar may target around the 86.30 level.
