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Dollar strengthens amid Fed meeting

English.news.cn   2014-07-30 07:40:50

NEW YORK, July 29 (Xinhua) -- The U.S. dollar rebounded against major currencies Tuesday as investors expect the Federal Reserve to show a more hawkish tone during the ongoing policy meeting.

The spot rate of the dollar index, which tracks the greenback's value versus a basket of major currencies, rose more than 0.2 percent to trade around 81.2.

The Fed started a two-day policy meeting on Tuesday. Analysts expect the central bank to cut asset purchases by another 10 billion dollars, and the market will keep an eye on any discussion about the conditions that would warrant the first rate hike.

On the economic front, U.S. consumer confidence improved again in July, with the index rising to 90.9, the highest level since October 2007, the New York-based research group Conference Board said Tuesday in a report.

Meanwhile, U.S. home prices increased at a slower pace in May, according to closely-watched S&P/Case-Shiller Home Price Indices released Tuesday by S&P Dow Jones Indices. The 10-City Composite gained 9.4 percent year over year and the 20-City jumped 9.3 percent, down from returns of 10.9 percent and 10.8 percent the prior month, respectively.

The U.S. Commerce Department on Wednesday will publish its preliminary estimate of the U.S. economic growth in the second quarter. It recorded a 2.9-percent contraction in the first quarter due to inclement winter weather, but investors believe the growth rate would turn positive in the second quarter.

Investors will also pay close attention to the U.S. nonfarm payroll report for July scheduled for release on Friday by the U.S. Labor Department.

In late New York trading, the euro fell to 1.3410 dollars from 1.3434 dollars of the previous session, and the British pound decreased to 1.6946 dollars from 1.6980 dollars. The Australian dollar slipped to 0.9385 dollar from 0.9405 dollar.

The dollar bought 102.13 Japanese yen, higher than 101.87 yen of the previous session. The greenback went up to 0.9069 from 0. 9044 Swiss franc, and moved up to 1.0854 Canadian dollars from 1. 0804 Canadian dollars.

Editor: An
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