Credit: Investing.com -
Investing.com - The dollar steadied against a basket of global currencies, after data showed sales of existing U.S. homes unexpectedly rose in May while a surge in the pound limited upside momentum.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, fell by 0.07% to 97.33.
The National Association of Realtors said strong demand and inexpensive mortgages were driving up prices at an unsustainable rate, as sales of existing homes rose 1.1% in May to an annual rate of 5.62 million.
Analysts had forecast U.S. existing home sales to decline by 0.5%.
The unexpected increase in existing home sales spurred sentiment on the dollar, after the greenback fell to session lows pressured by a surge in the pound, following bullish comments on an interest rate hike from the Bank of England chief economist Andy Haldane.
Haldane said he might join those calling for a rate rise in the coming months, adding that a "partial of withdrawal" of the additional policy measures would be prudent "relatively soon".
GBP/USD rose to a session high of $1.2710 but gains were pared later during the session, as investors appeared to take profit.
EUR/USD tacked on 0.12% to $1.1148, while EUR/GBP fell by 0.18% to 0.8800.
USD/CAD traded at C$1.3335, up 0.51%, as a falling oil prices continued to weigh on the oil-linked Canadian dollar.
The dollar traded roughly flat against its Japanese counterpart, with USD/JPY at Y111.39.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
