RTTN:Dollar Mixed Tuesday After Mixed Economic Reports
The dollar is up against both the Euro and the Japanese Yen on Tuesday, but is down against the pound sterling. Trading volume remains on the light side, since it is New Year's Eve. A number of equity markets in Asia and Europe were closed for the session. Economic data released by the U.S. this morning was mixed, with disappointing Chicago PMI data, but a stronger than expected consumer confidence report.
Home prices in major U.S. metropolitan areas rose at the strongest annual rate in over seven years in the month of October, according to a report released by Standard & Poor's on Tuesday. The report said the S&P/Case-Shiller 20-City Composite Home Price Index rose 13.6 percent in October compared to the same month a year ago.
The increase reflects a modest acceleration from the 13.3 percent growth seen in September and is the strongest rate of growth since February of 2006.
Chicago-area business activity saw a bigger than expected slowdown in the pace of growth in the month of December, according to a report released by MNI Indicators on Tuesday. The report showed that the Chicago business barometer dropped to 59.1 in December from 63.0 in November. A reading above 50 indicates an increase in activity, but economists had expected a more modest decrease to a reading of 61.3.
With sentiment regarding current conditions climbing to a five-year high, the Conference Board released a report on Tuesday showing that its U.S. consumer confidence index rebounded by more than expected in the month of December.
The Conference Board said its consumer confidence index jumped to 78.1 in December from 72.0 in November. Economists had expected the index to climb to 76.8 from the 70.4 originally reported for the previous month.
The dollar climbed to a high of $1.3759 against the Euro on Tuesday, but has since slipped back to around $1.3775.
Retail sales in Greece decreased further in October, but at a slower rate than in the previous month, initial estimates published by the Hellenic Statistical Authority showed Tuesday.
Retail sales volume, excluding automotive fuel, decreased 2.3 percent in October from the corresponding month of 2012, continuing the downward trend seen in recent months. In September, sales had recorded a 5.6 percent fall.
The greenback reached an early high of $1.6473 against the pound sterling on Tuesday, but has since dropped to a 2-session low of $1.6575.
House prices in the U.K. increased slightly in November, after falling in the previous month, data from a survey conducted by Land Registry revealed Tuesday. The house price index for England and Wales edged up 0.1 percent in November from the previous month, when it recorded a 0.3 percent fall.
The buck had been hovering around the Y105.000 level on Tuesday, but has since climbed to around Y105.200.
