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Dollar mostly lower as US housing starts fall

(Xinhua)
Updated: 2008-06-18 18:15

The dollar fell against most major currencies on Tuesday as US housing starts slid 3.3 percent in May to the slowest pace in 17 years.

May housing starts represented a seasonally adjusted annualized rate of 975,000 units, the Commerce Department said, slightly below the consensus analyst forecast of 980,000 units.

The May reading was the lowest level since 921,000 in March 1991. The decline marked a return to a downward trend after a surprisingly strong jump in home-building in April.

Speculation of an early policy tightening from the US Federal Reserve ignited a dollar rally last week. But a series of weak economic data released in the past few days cast more doubt over an interest rate increase.

The euro bought 1.5513 dollars in late New York trading compared with 1.5489 dollars it bought late Monday. The British pound fell to 1.9569 dollars from 1.9635 dollars.

The dollar fell to 1.0423 Swiss francs from 1.0446 Swiss francs, and fell to 107.99 Japanese yen from 108.12 Japanese yen. It fell to 1.0177 Canadian dollars from 1.0238 Canadian dollars.