The US dollar held losses on Friday following weaker US economic data and ahead of Federal Reserve’s policy meeting next week.
New home sales in March slid 11.4%. Even though this is the largest monthly decline since July 2013, it followed three consecutive months of huge gains. Also, the US central bank will hold their meeting on April 28 and 29.
The greenback stood at $1.0822 per euro from Thursday’s $1.0666. Against the Japanese yen, the dollar traded at ¥120.00 from ¥119.62.
Despite the softer figures, the market can remain focused on risks of next week’s more hawkish Fed message, “and risks to U.S. front-end yields remain skewed to the upside from current low levels,” according to analysts at BNP Paribas.
The material has been provided by InstaForex Company – www.instaforex.com