NEW YORK May 24, 2011 (AP)
The dollar is sliding back after a big rally over the past few days.
Fears about a deepening debt crisis in Europe have supported the dollar. But analysts say a slightly better-than-expected report on business confidence in Germany and strong investor demand for a $3.2 billion Spanish bond sale helped offset those worries, stabilizing the euro.
In the U.S., the government says sales of new homes picked up in April, the second straight monthly gain. Still, the housing market is far from a healthy level.
In morning trading Tuesday in New York, the euro rose to $1.4112 from $1.4060 late Monday. It was worth $1.43 on Thursday, tumbling over the next few days as fears escalated over finances in Greece and other indebted European countries.
The British pound rose to $1.6197 from $1.6119. The dollar edged up to 82.09 Japanese yen from 81.97 yen, however.
