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Special> Global Financial Crisis> Latest
UPDATED: November 19, 2008
Dollar Higher Against Most Major Currencies
The dollar rose against most major currencies on Tuesday as latest economic data continued to show weakness in U.S. economy

The dollar rose against most major currencies on Tuesday as latest economic data continued to show weakness in U.S. economy.

The national median price of a single-family home in U.S. fell in the third quarter by a record 9 percent year-to-year, the National Association of Realtors (NAR) reported on Tuesday. A flood of foreclosures has driven home prices down, NAR said.

The National Association of Home Builders (NAHB)/Wells Fargo housing market index for November fell to a seasonally adjusted reading of 9, the lowest recorded level since the index began in 1985. It showed that U.S. homebuilders' confidence in the housing market fell to record low amid poor financial market conditions, rising unemployment and consumer anxiety.

The U.S. Labor Department's Producer Price Index decreased 2.8 percent in October, after easing 0.4 percent in September. It was the sharpest one-month decline on record and much more than expected. Economists said inflation is moderating, which could give the Federal Reserve some leeway when it comes to lowering interest rates.

The euro bought 1.2579 dollars in late New York trading compared with 1.2677 dollars it bought late Monday. The pound fell to 1.4916 dollars from 1.5023 dollars.

The dollar rose to 1.2043 Swiss francs from 1.1982 Swiss francs, and dipped to 96.46 Japanese yen from 96.50 Japanese yen. It rose to 1.2375 Canadian dollars from 1.2225 Canadian dollars.

(Xinhua News Agency November 19, 2008)

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